Cryptocurrency analyst Dark Defender has identified a significant resistance level XRP must surpass to achieve substantial price increases.
According to his analysis, this level stands at $0.6649, a critical threshold that XRP needs to break for a potential rally to key targets set at $1.88, $5.85, and $18.22.
Dark Defender’s forecast is based on an extended technical analysis that has been in place for over a year, incorporating patterns observed in XRP’s long-term price structure.
XRP’s Initial Target and Market Corrections
Over the past year, XRP’s performance has aligned with Dark Defender’s projections, hitting notable price levels and retracing to identified support zones. Initially, the analyst set an ambitious target of $0.89 for XRP, anticipating a peak in the first wave of a bullish pattern.
However, a significant event in the cryptocurrency world—the summary judgment in the Ripple case—caused a surge beyond this projection, pushing the token to a high of $0.9327 in July.
After this peak, Dark Defender predicted a corrective pullback for XRP. The retracement occurred as anticipated, with the token dropping to $0.3814 in July, a level near the lowest Fibonacci retracement marker of 23.6%, at $0.3917. This correction has marked what the analyst describes as a probable low, creating a new support structure at critical levels.
Since then, the digital asset has maintained a narrower trading range, moving between support levels of $0.4850 and $0.5286, while resistance remains at the $0.6649 mark. Dark Defender emphasizes that holding the support level at $0.3917 is essential to maintain XRP’s bullish potential.
The Key Barrier: $0.6649 Resistance
A potential breakout from XRP’s current price pattern hinges on its ability to overcome the $0.6649 resistance level, often described as a challenging barrier for the asset.
According to Dark Defender’s analysis, this level coincides with the 70% Fibonacci line, forming what he terms the “final boss” of XRP’s resistance levels. He points out that this mark has consistently hindered the token’s price advances in the past, making it crucial for sustained upward momentum.
While the weekly price chart presently signals a bearish trend, Dark Defender interprets this as potentially misleading given the stronger, positive momentum evident on XRP’s monthly chart. This divergence between weekly and monthly signals could indicate the token has room for further upward movement if the $0.6649 resistance is breached.
The analyst suggests that closing above $0.6649 on any major timeframe—daily, weekly, or monthly—could provide the momentum XRP needs to push toward its next major target of $1.88.
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Projected Targets and Support Levels
Following the initial target of $1.88, Dark Defender’s long-term projections outline two additional price levels: $5.85 and $18.22. These targets are derived using Elliott Wave theory, which forms the foundation of his price structure analysis.
To approach these higher levels, XRP must not only surpass its current resistance zones but also hold its established support levels to avoid significant declines.
While maintaining support at $0.3917 is essential, the analyst does acknowledge the risk of XRP retesting this level, possibly dipping back to form a “double dip.” However, Dark Defender considers this scenario unlikely, suggesting instead that the asset will continue an upward trajectory if support levels remain firm.
Positive Long-Term Outlook
XRP’s price trajectory remains in a crucial phase, with the $0.6649 resistance level acting as a decisive point for any potential rally.
Dark Defender’s analysis suggests that breaching this resistance could initiate a substantial price rise, propelling XRP toward targets of $1.88, $5.85, and eventually $18.22.
This long-term view relies heavily on maintaining key support thresholds, particularly the $0.3917 level, as a foundation for further gains.
As of the most recent price movements, XRP is trading at approximately $0.5152, showing a decrease of 1.4% over the past 24 hours.
Dark Defender’s insights provide a framework for traders closely monitoring XRP’s price action, with a clear emphasis on the $0.6649 level as the primary launchpad for reaching higher price milestones.
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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