Dark Defender, a prominent crypto analyst on X, recently drew attention to XR’s consolidation within $0.3917 and $0.6649. The analyst provided an in-depth examination of XRP’s current market structure, suggesting that the token may be on the verge of a significant bullish breakout.
In his analysis, Dark Defender emphasizes the critical nature of the $0.6649 resistance level. According to him, this price point, which lies above the weekly Ichimoku clouds, is a pivotal marker. Breaking through this resistance would signal a potential bullish run, possibly mirroring the explosive price movements seen in past cycles, most notably in 2017.
Dark Defender points out that the weekly Relative Strength Index (RSI) for XRP has exhibited patterns consistent with historical price dips. He notes that the RSI has formed dips parallel to the price dips on the weekly chart, which historically have preceded upward price movements.
Importantly, a golden cross within the weekly RSI—a technical indicator where a shorter-term moving average crosses above a longer-term moving average—has recently formed. This development typically signals the onset of a bullish trend. Other analysts have spotted notable bullish indicators for XRP, adding credence to this prediction.
Support Levels and Historical Parallels
The analysis by Dark Defender also identifies key support levels at $0.5286 and $0.4623. These levels are crucial for traders and investors as they represent potential entry points during any pullbacks. Maintaining these support levels would be essential in sustaining the current price structure and preventing a breakdown of the consolidation phase.
Dark Defender also notes the parallel between the current market conditions and the events leading up to XRP’s significant bull run in 2017. This bill run sent XRP to its all-time high of $3.84, and the analyst notes the similarities in market structure, suggesting that XRP may be weeks away from a major breakout akin to the 2017 bull run.
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Potential Targets and Future Outlook
Dark Defender outlines a potential upper target of $18.22 for XRP, particularly if a bull run materializes. This target corresponds with the 361.80% Fibonacci level, and he believes XRP will reach this target in Wave 3 of the current Elliott Wave pattern on XRP’s chart.
The analyst noted, “We are having a deja vu of 2017 by standing weeks in front of the XRP Bull Run. If a similar run is in place, $18.22, (NFA) the Fibonacci level of 361.80%, is expected to be the upper target level of Wave 3. It will be great to see all these will come through.”
Dark Defender has reiterated the $18.22 target multiple times. He is confident that XRP can reach it during this cycle, and many analysts share this optimism.
Disclaimer: This content is meant to inform and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not represent Times Tabloid’s opinion. Readers are urged to do in-depth research before making any investment decisions. Any action taken by the reader is strictly at their own risk. Times Tabloid is not responsible for any financial losses.
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