The cryptocurrency market, known for volatility but also for massive surges and a large number of crypto millionaires, often leaves investors seeking guidance and reliable signals.
XRP is one of the most popular tokens in the market, and despite massive developments like the recent approval of spot Bitcoin ETFs in the U.S., XRP has underperformed. Due to this, the community is looking for guidance and insights into its future.
Read Also: Crypto Pundit Pinpoints Major Issue That Stalls XRP Price Over the Last 5 Years
Dark Defender (@DefendDark), a prominent crypto analyst on X, recently released a detailed analysis of the potential trajectory of XRP based on the Parabolic Stop & Reverse (PSAR) indicator in the monthly time frame, which has sparked interest within the XRP community.
Hi all. The Parabolic Stop & Reverse Indicator in the monthly time frame tell us we are in a Bullish Cycle based on $XRP history.
Cycles since 2014
1. 30 Months of Bearish Cycle
2. 20 Months of #Bullish Cycle
3. 29 Months of Bearish Cycle
4. 13 Months of #BullishCycle
5. 19… pic.twitter.com/T8f2x8oF9I— Dark Defender (@DefendDark) January 13, 2024
XRP’s Cycle of Bulls and Bears
Dark Defender breaks down XRP’s price movements since 2014, highlighting distinct cycles of bullish and bearish dominance. The analyst identifies five historical cycles, each characterized by varying durations:
- 30 Months of Bearish Cycle
- 20 Months of Bullish Cycle
- 29 Months of Bearish Cycle
- 13 Months of Bullish Cycle
- 19 Months of Bearish Cycle
The 6th Cycle and a Potential Bullish Turn
Dark Defender states that we are currently in XRP’s 6th cycle, which he identifies as bullish. By employing the PSAR indicator, a technical analysis tool that identifies potential trend reversals, the analyst suggests that this bullish cycle could stretch for at least 10 more months, possibly lasting until May 2024.
Dark Defender got this prediction by considering the average duration of previous bullish cycles (13 + 20) / 2 = 16.5 months.
Further bolstering the bullish outlook, the analyst mentions the chart intersection and the subsequent elimination of a wedge by May 2024. He highlights a converging price channel on the XRP chart, potentially indicating a breakout towards higher prices.
We are on twitter, follow us to connect with us :- @TimesTabloid1
— TimesTabloid (@TimesTabloid1) July 15, 2023
Read Also: Historical XRP Price Pattern Is About To Repeat. Here’s the Significance
An Impending Surge?
While Dark Defender’s analysis presents a compelling case for a continued bullish run for XRP, it’s crucial to approach it cautiously. The cryptocurrency market is unpredictable, and Dark Defender also highlights in his chart that investors should consult a financial expert before investing.
Dark Defender’s analysis provides a valuable perspective on XRP’s potential based on historical data and technical indicators. Although XRP’s current price of $0.5777 doesn’t show it, many believe the digital asset is on the brink of a massive breakout.
Meanwhile, BlackRock CEO Larry Fink recently spoke on the possibility of an XRP ETF, which could help drive the surge that Dark Defender predicted. Investors need to watch XRP closely because seems around the corner.
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