Wednesday, June 19, 2024
HomeCryptocurrencyAnalyst Spots XRP Crucial Support Level to Clear the Path for $5.85

Analyst Spots XRP Crucial Support Level to Clear the Path for $5.85

After reaching a four-month high of $0.7297 on November 6, XRP has gone into a correction phase and is currently trading at $0.6805, down 1.63%% in the last 24 hours, according to CoinMarketCap.

With XRP’s decline, Dark Defender (@DefendDark), a prominent crypto analyst on X, has shared bullish short-term predictions for XRP and the crucial support level.

Read Also: Brad Garlinghouse Recent Teaser for Ripple Swell Sparks Curiosity Within XRP Community

Dark Defender’s Analysis

An examination of Dark Defender’s chart reveals XRP’s recent surge and the current corrective phase. The recent corrective action is a common occurrence in an uptrend and should not be a cause for concern.

The analyst shows that XRP’s surge was triggered by the $0.6649 support level. He showed this from the 4-hour time frame chart and highlighted this support level as crucial. If this level holds, XRP is likely to continue its upward trend. However, if it breaks down below this level, further declines could occur.

He believes that XRP will consolidate in this area for a short period before resuming its upward trend. He outlined a path for XRP in the chart that would keep it above the support level and send it flying after the consolidation phase.

Despite XRP’s drop below $0.7, Dark Defender has bullish predictions for XRP. The analyst identified two short-term targets, $0.8737 and $1.0593. This will send XRP to its highest price this year, surpassing its peak of $0.93, which was achieved in July after a favorable ruling in the lawsuit against the U.S. Securities and Exchange Commission (SEC).

Read Also: Jeremy Hogan: SEC Faces Another Loss As No XRP Holder Lost Money Because Ripple

Long-Term Targets

Dark Defender states, “$XRP is heading towards $1.88 & $5.85 afterward.” In the long term, DefendDark expects XRP to reach $1.88 and $5.85. The long-term targets are more ambitious. However, if XRP’s upward trend persists, these targets could be achieved soon.

Although Dark Defender’s prediction is grounded in strong technical analysis, the crypto market is infamous for volatility and unpredictability. XRP could surge significantly higher than the predicted prices, but it could also drop significantly. So, investors are urged to consider the risk.

<

However, the overall outlook for XRP remains bullish. As earlier mentioned, the recent corrective action is a normal part of an uptrend and should not be a cause for concern.

If the key support level at $0.6649 holds, XRP is likely to continue its upward trend, according to Dark Defender. Howbeit, if it breaks down below this level, further declines could occur.


Follow us on Twitter, Facebook, Telegram, and Google News

Tobi Loba
Tobi Loba
Tobi Loba is a passionate writer with a vast interest in the stock market. She joined the crypto ecosystem about three years ago and has written lots of ebooks and articles in relation to cryptocurrency and blockchain projects. Tobi Loba earned her degree at the University of Ibadan.
RELATED ARTICLES

Latest News & Articles