As XRP Shows Signs of Recovery, Analyst Pinpoints Key Support and Resistance Levels to Watch

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.

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.

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.

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.

Follow us on Twitter, Facebook, Telegram, and Google News

Adedoyin Aka

Adedoyin is a graduate of Law and a Crypto & Blockchain expert who strongly believes that Blockchain is the future. At TimesTabloid, she focuses on crypto and blockchain educational content.