XRP has shown signs of a potential reversal against industry leader Bitcoin according to Dark Defender (@DefendDark), a prominent crypto analyst. His analysis focuses on the weekly timeframe chart for the XRP/BTC pair.
Golden Cross on RSI Indicator
Dark Defender highlights the formation of a Golden Cross on the Relative Strength Index (RSI) for the XRP/BTC pair. The RSI is a technical indicator used to measure the momentum of an asset’s price movement.
A Golden Cross occurs when the short-term RSI crosses above the long-term RSI. This is traditionally viewed as a bullish signal, suggesting a potential shift in momentum from bearish to bullish.
Based on the technical indicators, Dark Defender predicts that Bitcoin may lose dominance against XRP. Bitcoin market dominance refers to the percentage of the total cryptocurrency market capitalization held by Bitcoin.
A decline in Bitcoin dominance would indicate that altcoins, like XRP, are starting to outperform Bitcoin. EGRAG CRYPTO (@egragcrypto), another prominent analyst, recently made a similar prediction using the XRP Dominance chart.
Price Targets and Support Levels
In the short term, Dark Defender has outlined potential price targets for the XRP/BTC pair. The first target zone is between $0.5286 and $0.6649. This suggests an upside of 8.12% to 35.99% from XRP’s current price of $0.4889. Additionally, he identified $0.4623 as a support level, which could act as a potential buying zone if the price retraces.
It is crucial to note that technical analysis, while widely used, is not a perfect predictor of future price movements. Market sentiment and unforeseen events can significantly impact cryptocurrency prices. Additionally, Dark Defender highlighted that the timeline is very short-term, and XRP could either reach these targets quickly or fail to reach them.
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Can XRP Still Rise?
One X user asked Dark Defender why his predicted target had dropped from dollars to cents. Recall that Dark Defender recently predicted that XRP would climb to $1.88. He stated that this would trigger another rally to $18. His new prediction caused some worry among community members.
However, the analyst clarified his stance, stating that $1.88 and $18 are short mid-term targets, following his very short-term target of $0.6649. If XRP can reach this target, it could finally begin the historic rally the community is eagerly anticipating.
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. Times Tabloid is not responsible for any financial losses.
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