XRP to $5.85 and $8.76? Analyst Makes a Case Based On Repeating Bullish Pattern

Dark Defender, a notable crypto analyst on X, recently shared a compelling technical analysis of XRP’s price trajectory. The post highlights a potential bullish movement using historical patterns and Fibonacci levels.

The detailed chart compares a 4-hour timeframe correction to a similar structure forming on the daily timeframe, sparking discussions on XRP’s future price potential.

According to Dark Defender, XRP’s previous correction on the 4-hour timeframe saw the cryptocurrency drop by 21% from $1.2680 to $1.0033. Following this correction, XRP consolidated within an ascending channel for a short period before a significant surge to $2.9070.

This surge pushed XRP above $2 for the first time since 2018 and sent it to a multi-year high. What makes this prediction more intriguing, is that the asset shows the same pattern on the 1-day time frame.

The comparison between the two timeframes suggests that an XRP break out is possible through key resistance levels, leading to substantial price increases. The asset has experienced a 34% drop, falling from that peak of $2.9070 to $1.9010, before a swift recovery and consolidation inside an upward channel.

Targets For XRP’s Next Surge

Dark Defender believes the current technical setup targets the Fibonacci levels at $5.85 and $8.76 in the short term. These projections indicate a potential rally that could more than double XRP’s current value of $2.19.

A key aspect of the analysis is its focus on Fibonacci retracement and extension levels, a widely used tool in technical analysis. The Fibonacci levels referenced align with prior resistance zones and the analyst has previously referenced these targets.

More Bullish Technical Indicators

The lower portion of the chart highlights the Relative Strength Index (RSI), which is used to gauge market momentum. The 4-hour and daily charts indicate a cyclical pattern, with previous RSI behavior providing clues to future price movement.

The RSI’s recovery following the correction in the 4-hour timeframe coincided with XRP’s strong rally, a pattern that appears to be unfolding on the daily chart.

The detailed technical breakdown shared by Dark Defender outlines a potential roadmap for XRP’s price action. While the asset has shown some bearish momentum over the past 24 hours, his analysis and other bullish predictions shared by other analysts suggest this downturn will not last.

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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