XRP has entered a pivotal stage in its price movement, with popular crypto analyst Dark Defender (@DefendDark) offering key insights into its trajectory. The analyst highlights that the digital asset is replicating a correction pattern initially observed on a four-hour chart, now appearing on the daily chart. This correction is anticipated to conclude within the next ten days, setting the stage for a potential bullish breakout.
Bull Flag Formation Signals Uptrend
Dark Defender classifies the ongoing correction as part of a larger bullish setup, identified earlier this month as a “bull flag.” This formation, associated with strong upward momentum, positions XRP for an ambitious price target of $8.67 post-correction.
Currently, XRP is finding significant support at $2.13, a level it has maintained since December 26. This stability indicates positive momentum for the token. Key technical indicators, including trendlines and Fibonacci retracement levels, suggest that XRP’s market movement is aligning with bullish predictions.
Key Levels to Watch
For XRP to maintain its bullish trajectory, traders should monitor specific support and resistance levels:
- Support Levels: $2.03, $2.11, $2.13, and $2.17.
- Resistance Levels: $2.22, $2.42, and $2.69.
The support at $2.13 forms an upward trendline following XRP’s breakout above its 2021 peak of $1.96 earlier this month. On the flip side, resistance at $2.69 forms a downward trendline, completing a symmetrical triangle on XRP’s price chart. Breaking above $2.69 is crucial for XRP to aim for its $8.67 target.
Can XRP Hit $8.67?
The outlook for XRP remains optimistic. A successful daily correction could pave the way for the token to consolidate before rallying further. Analysts agree that maintaining support above $2.03 and breaking key resistance levels are critical steps toward higher price targets.
#XRP Quick Update – 4-Hour Time Frame (Optimal Entry Point):
— EGRAG CRYPTO (@egragcrypto) December 5, 2024
My DMs are flooded with questions about the best entry price. Therefore, I will zoom into the 1-Hour Time Frame for a closer look.
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But let me say this… https://t.co/r0ofkhG4Xl pic.twitter.com/cEOsmoKFEv
As the market waits for XRP’s next move, its long-term potential continues to capture the attention of traders and investors, positioning the digital asset as one to watch in the coming weeks.
Also Read: XRP Price Surge to $100: Can RLUSD Stablecoin Catalyze the Jump? Community Debates
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
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