Crypto analyst Dark Defender (@DefendDark) has released a daily time frame update on XRP, indicating a potential price surge soon. This analysis follows a period of price consolidation and a recent breakout from a key resistance level.
Dark Defender highlights a previously identified resistance level that XRP successfully surpassed toward the end of June. This change suggests a potential shift in market sentiment, with buyers overcoming previous selling pressure. While a brief dip below this resistance occurred, XRP has since recovered, demonstrating continued buying interest.
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Fibonacci Support and Price Targets
The analyst further emphasizes the significance of XRP trading above a Fibonacci support level. Fibonacci retracements are a widely used technical analysis tool that identifies potential support and resistance zones based on historical price movements. By staying above this support level, XRP may establish a foundation for further price increases.
Dark Defender outlines two potential price targets for XRP: $0.49 and $0.5286. XRP is trading at $0.484, up 1.55% over the past 24 hours. Reaching the first target of $0.49 would represent a further gain of approximately 1.24%. The second target of $0.5286 signifies a more substantial surge of roughly 9.2%.
Fisher Indicator Suggests Imminent Reversal
In addition to the resistance breakout and Fibonacci support, Dark Defender utilizes the Fisher indicator to suggest an impending reversal in XRP’s price trend. The Fisher indicator is a technical momentum oscillator that gauges the strength of buying and selling pressure. Dark Defender recently drew attention to this indicator, and when it reaches extreme highs or lows, it can signal potential trend reversals.
The Fisher Indicator recently hit a significantly low level, and Dark Defender’s chart shows that the reversal has begun with the indicator on its way up. This signals a potential increase in buying pressure and a subsequent rise in XRP’s price.
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Read Also: Analyst Spots XRP Cup-Handle Pattern On Weekly Chart, Sets Bullish Target
What’s Next for XRP?
Dark Defender’s analysis suggests a positive outlook for XRP in the short term. The successful breach of resistance, combined with support from Fibonacci levels and a potential reversal signal from the Fisher indicator, paints a bullish picture.
Dark Defender mentioned sharing a weekly update, which may provide further insights into XRP’s longer-term price trajectory. His updates will also inform investors of XRP’s price movement and potential trajectory, informing investment decisions.
Meanwhile, another prominent analyst recently set a minimum target of $6.4 for XRP, and the consensus among the top analysts is that XRP is on its way up.
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. Times Tabloid is not responsible for any financial losses.
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