Analyst Sets Short Term Targets at $5.85 and $8.76

Well-known crypto analyst Dark Defender (@DefendDark) recently provided an updated analysis of XRP’s price movement, emphasizing key bullish signals observed in the four-hour chart.

This update builds upon his analysis of December 13, which highlighted XRP’s position at the apex of a Bull Flag pattern. The latest insights suggest potential upward momentum for the asset as it approaches critical resistance levels.

Breakout Confirmation on the 4-Hour Chart

Dark Defender’s chart illustrates that XRP has confirmed a breakout above the descending trendline in the four-hour timeframe. This development is accompanied by bullish signals on the Ichimoku Cloud, with the price consolidating above key support levels. The analyst also pointed to a Relative Strength Index (RSI) golden cross, a signal that often indicates increasing bullish momentum.

While the four-hour timeframe has confirmed the breakout, Dark Defender highlighted the importance of a daily close above $2.52 to validate the larger bullish trend. If this confirmation materializes, XRP could target $2.72 as its next resistance level.

Short-Term Targets and Key Supports

Looking beyond $2.72, the analyst outlined ambitious short-term targets of $5.85 and $8.76, with $5.85 being a crucial level that the analyst has predicted previously. These targets suggest the possibility of a significant rally if the asset maintains its bullish trajectory.

However, Dark Defender also identified critical support levels that traders should monitor closely. These levels include $2.29, $2.24, $2.10, and $2.02. Maintaining these supports is crucial for sustaining upward momentum, as a breach could invalidate the bullish outlook.

Can XRP Breach the Crucial Resistance Level?

The Ichimoku Cloud analysis shows a bullish signal, with the price breaking above the cloud and the overall trend indicating upward movement. Additionally, the RSI golden cross further reinforces the bullish sentiment, signaling that momentum is shifting in favor of buyers. Such technical indicators often serve as confirmation for traders looking to capitalize on potential price surges.

While the analysis highlights a positive outlook for XRP, the digital asset has yet to breach the $2.52 level specified by Dark Defender. At press time, XRP traded at $2.60, with a 24-hour increase of 10%. However, many bullish predictions suggest the digital asset will soon experience a significant upward surge.

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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