In a recent analysis, market watcher Dark Defender identified key resistance levels that XRP needs to break in order to rise to new heights.
His long-term structure for XRP, established over a year ago, targets three major price points: $1.88, $5.85, and $18.22. To reach these milestones, XRP must first break through the strong resistance point at $0.6649.
XRP’s original goals and modifications
The Dark Defender chart shows the weekly XRP price, with the altcoin showing a strong bullish move leading to the first wave peak at $0.9327. The analyst had originally set an XRP target of $0.89, but the summary judgment ruling in the Ripple case caused an even bigger price increase to $0.93 last July.
Following the $0.93 high, Dark Defender predicted a subsequent retracement. Interestingly, XRP faced this retracement and fell to $0.3814 in July of this year, almost perfectly touching the lowest Fibonacci retracement level of 23.6% ($0.3917).
Despite the sharp decline, Dark Defenders believes this is the lowest level that XRP can reach. Price movements since last year show a narrowing range as XRP continues to hover between the major support levels of $0.4850 and $0.5286 and resistance at $0.6649.
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XRP 1W Chart | Dark Defender
These levels are important in determining the next direction for your assets. According to Dark Defender, holding support above $0.48 and especially $0.3917 is important for XRP’s upside potential.
XRP needs to break through $0.6649
Despite the recent consolidation and pullback in stock prices, the long-term outlook remains bullish. The weekly chart is currently showing red, a bearish signal, but Dark Defenders believes this could be a false signal, mainly because the monthly trend remains positive.
This divergence between the weekly and monthly charts suggests that if XRP can break through the resistance at $0.6649, a significant rally could occur soon.
In particular, the 70.20% Fibonacci line coincides with the $0.6649 level, which is a major point of contention. Dark Defender is calling this the “final boss” because they have rejected the price of XRP many times in the past.
Above this level, the price could spike significantly and XRP could reach the wave 3 target. Analysts predict that if XRP closes above $0.6649 on either the daily, weekly, or monthly basis, a big rally could follow, with the next immediate target at $1.88. are.
The ultimate XRP target
This chart also shows a potential higher target for XRP based on Elliott Wave Theory. Above $1.88, the next price levels are $5.85 and $18.22. For this to happen, XRP will need to hold key support levels and break out of the resistance zone that is constraining the price.
One area of concern is the possibility of XRP returning to support at $0.3917, which has already been tested. Dark Defender mentions the possibility of a “double dip” in this area, but believes it is unlikely.
The market analyst noted that prices are likely to continue on an upward trajectory as long as key support levels hold. At the time of writing, XRP is currently trading at $0.5302, down 2.37% in the past 24 hours.
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