Amidst a recent market downturn, XRP is showing signs of recovery, prompting notable analyst Dark Defender to identify key support and resistance levels that traders should monitor closely.
Dark Defender, a respected analyst, recently highlighted the current support and resistance levels for XRP, the 5th largest cryptocurrency by market cap.
Read Also: Despite Market Turmoil, Top Analyst Spots XRP Path To $1.87. Here’s the Chart
Based on XRP’s daily chart analysis, the analyst shows that a positive price outlook is evident as the daily wave trend displays a green signal.
Daily #XRP Wave Trend Signals Green.#Targets:
R: $0.60442, $0.66492 short term#Supports:
S: $0.52862, $0.39169
Above $0.93, we will hit $1.33 first then $1.88. pic.twitter.com/DpH38yojOJ
— Dark Defender (@DefendDark) August 23, 2023
As indicated by the analyst, XRP’s first support level is at $0.52886. However, with XRP currently trading at $0.5161, it has fallen below this support level, experiencing a decline after yesterday’s gains.
XRP rose to $0.5368 earlier today, but it has since trended downward, breaching the $0.52886 support level. The next line of defense lies at $0.39169.
On the other hand, if XRP rebounds, Dark Defender identifies the first formidable resistance level at $0.60442. XRP hasn’t reached this price point in over a week.
While XRP has remained below this value for eight days, an extended recovery could see it surmounting this resistance. Achieving this would set the next target at $0.66492, according to Dark Defender’s short-term projections.
Looking ahead, the analyst sees a longer-term potential for XRP to reach parity with the US dollar and surpass it. It’s worth noting that XRP reached $0.9380 on July 13 following a positive ruling by Judge Analisa Torres.
Dark Defender sets a target of $1.33 once XRP surpasses the resistance at $0.93. If XRP surpasses the $1.33 mark, the analyst envisions a rally up to $1.88—an impressive 258% increase from the current price.
We are on twitter, follow us to connect with us :- @TimesTabloid1
— TimesTabloid (@TimesTabloid1) July 15, 2023
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XRP Price Outlook
XRP’s recent recovery attempts come after a downturn that began on August 15, when the digital asset dropped below the psychological support level of $0.60.
During the following days, bears further compromised XRP’s position, resulting in a drop to a two-month low of $0.4226 on August 17. Despite a modest recovery since then, XRP has remained in a bearish state.
While the current recovery campaign offers some hope, caution is advised as the extent of its success is yet to be determined.
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