XRP has entered a crucial phase in its price movement, as highlighted by an analysis posted on X by popular analyst Dark Defender (@DefendDark).
The digital asset mimics a correction structure seen in a four-hour time frame, now reflected on the daily chart. If this structure holds, the correction is expected to conclude within the next ten days.
Hi all. I hope you all are fine.
XRP mimics the correction structure, similar to a 4-hour time frame. If true, the correction will be completed within ±10 Days on the daily structure.
In Patreon, we have gone through the details and called this a Bull Flag on the Weekly Chart… pic.twitter.com/e3w7LPhWo6
— Dark Defender (@DefendDark) December 27, 2024
Dark Defender has classified the ongoing correction as part of a larger bullish setup. In early December, he identified this pattern as a bull flag.
This formation, commonly associated with strong upward momentum, targets an initial price of $8.67 after completion. However, before aiming for this ambitious target, XRP must complete the current corrections on the daily chart.
As of December 26, XRP found significant support at $2.13. At press time, the asset was still trading at that level. The analyst described this development as a positive sign for the token’s momentum. Trendlines and Fibonacci retracement levels currently align, providing traders with a clearer view of the market’s potential movements.
Key Levels to Watch
The analysis emphasizes the importance of specific support and resistance levels in guiding XRP’s trajectory. The critical support levels to monitor include $2.03, $2.11, $2.13, and $2.17.
The digital asset formed this support after its recent rise above its 2021 peak of $1.96 in early December, and the support has formed an upward trendline under the digital asset’s price movements.
Meanwhile, resistance levels are identified at $2.22, $2.42, and $2.69. The resistance forms a downward trendline to complete a symmetrical triangle on the digital asset’s price chart.
We are on twitter, follow us to connect with us :- @TimesTabloid1
— TimesTabloid (@TimesTabloid1) July 15, 2023
Breaking through the resistance at $2.69 is pivotal for XRP to move toward its long-term target. Conversely, maintaining support above $2.03 is essential to avoid a deeper retracement that could hinder bullish momentum.
Can XRP Reach $8.67?
The market outlook for XRP remains optimistic, provided it adheres to the outlined support and resistance thresholds. The daily correction phase appears necessary for the token to consolidate before advancing.
XRP is expected to continue its bullish trajectory, with the daily correction phase as a temporary consolidation period. Another analyst recently predicted a rise to $8 for XRP, and if the outlined conditions are met, the asset is likely to aim for higher price targets soon.
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.
Follow us on Twitter, Facebook, Telegram, and Google News
