Renowned crypto analyst Dark Defender recently posted an insightful analysis of XRP’s performance for October, complemented by a detailed chart. His analysis highlights the cryptocurrency’s bounce back from a critical support level, emphasizing the current market dynamics and future potential movements.
According to Dark Defender, XRP closed its monthly candle for October with a notable bounce from a well-established support trend that has been effective since March 2020. He showed this support as an upward trendline which consistently kept XRP for over four years.
This bounce shows the digital asset’s resilience despite the broader market fluctuations and the legal proceedings in Ripple’s legal battle with the U.S. Securities and Exchange Commission (SEC). Dark Defender’s chart illustrates this trend, showcasing the significant levels of support and resistance that traders should monitor.
Current Market Indicators and Key Levels to Watch
Dark Defender pointed out that daily XRP indicators are currently oversold, suggesting a potential bullish trend in the short term. However, he also cautioned that the weekly and monthly trends remain red, indicating underlying bearish pressures that could influence the market in the coming weeks.
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As a result, he advises traders to be vigilant and keep an eye on the critical support lines. For those navigating the XRP market, Dark Defender identified several key levels to watch.
The resistance levels are $0.5286, $0.6044, and $0.6649, while the support levels are $0.4864, and $0.3917. These levels are crucial for understanding potential price movements and making informed trading decisions.
The resistances highlight points where selling pressure may increase, potentially hindering upward momentum. Conversely, the support levels are critical for identifying where buying interest may bolster the price. At the time of press, XRP traded at $0.515, up 2.55% over the past 24 hours.
Market Structure and Potential Outlook
Dark Defender reiterated the importance of maintaining the central market structure, despite its perceived monotony. He emphasized that the structure remains unchanged, reflecting a stable outlook for XRP amidst fluctuating market conditions.
If this structure holds, the chart suggests that XRP might complete an Elliott Wave pattern that could send it above the 261.8% Fibonacci level, which is at $5.85.
Notably, the analyst has shared this target multiple times, and according to his previous analysis, this path through $5.85 could potentially send the digital asset as high as $18.22.
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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