Top Analyst Says XRP Is Hot Right Now. Here’s why

XRP has captured the attention of cryptocurrency traders and analysts with its recent breakout above critical resistance levels.

The sharp upward movement, highlighted in a chart shared by prominent crypto analyst Dark Defender (@DefendDark) on X, reflects a significant shift in market sentiment.

The new year brought a pleasant surprise to the XRP army, as the digital asset experienced a decisive breakout from a symmetrical triangle pattern in the 4-hour timeframe. This type of pattern often precedes substantial price movements, and in this case, the breakout was to the upside, indicating strong bullish momentum.

The chart shows XRP climbing from approximately $2.10 to a high of $2.33, a notable increase within a short period. The digital asset climbed further following Dark Defender’s analysis and is currently trading at $2.38, 11.3% higher than its price seven days ago.

XRP Key Technical Levels to Watch

Dark Defender commented on the development, describing XRP as “HOT” and emphasizing the breakout’s significance. The analyst’s observations align with the technical indicators, which suggest further potential for upward movement.

The price action has pushed XRP above a crucial resistance level. In a previous analysis, Dark Defender highlighted $2.22, $2.42, and $2.69, as crucial resistance levels before a massive breakout. The digital asset has surpassed the first of these levels, and with sustained momentum, it could quickly surpass the others.

What’s Next for XRP?

$2.69 is the most crucial of these resistance levels. If XRP can surpass it, Dark Defender expects the asset to climb to $5.85, breaching its current all-time high of $3.84. Following that, the next target is $8.67, and the analyst expects a continued climb from here.

Conversely, if the asset retraces its gains, the analyst has also marked $2.03, $2.11, $2.13, and $2.17 as support levels, with $2.17 recently acting as a launchpad for the digital asset. If a pullback happens, XRP won’t fall too far before finding the support necessary for another rebound.

XRP’s breakout above the symmetrical triangle pattern is a pivotal development, signaling renewed bullish sentiment as market participants anticipate its next move. The move above $2.22 has positioned it for potential further gains, and other analysts are already predicting a price explosion.

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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