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.
Hi all. Let's have a look at the smaller time frames, such as 4Hour. After reaching $0.73, #XRP had the corrective action and just checked where it had the support. Yes, $0.6649, which is KEY.
You can see the corrective ABC in the Zoomed area. It will not last too long, but he… pic.twitter.com/nsOe2m0l5U
— Dark Defender (@DefendDark) November 7, 2023
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 $0.93, which was achieved in July after a favorable ruling in the lawsuit against the U.S. Securities and Exchange Commission (SEC).
We are on twitter, follow us to connect with us :- @TimesTabloid1
— TimesTabloid (@TimesTabloid1) July 15, 2023
Read Also: Jeremy Hogan: SEC Faces Another Loss As No XRP Holder Lost Money Because Ripple
Long-Term Targets
Dark Defender states, “$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
