XRP price movements are being closely monitored as the asset continues to hover around key resistance levels. Analyst Dark Defender has identified $0.6649 as the level that XRP must break to open a potential rally.
A breakout of this point could propel XRP towards an initial target of $1.88 and a notable long-term target of $5.85 and $18.22.
XRP price resistance level is $0.6649
XRP is always following important support and resistance levels. The $0.6649 mark is a key price level if XRP needs to rise. Therefore, this level acts as a resistance. According to analysis conducted by Dark Defender, XRP needs to break through this level to start rising.
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A breakout of $0.6649 on a daily, weekly, and monthly basis would be a good starting point for the price. The initial target is fixed at $1.88.
XRP Price Analysis |Source:X
The Dark Defender chart shows that the $0.6649 price level also corresponds to the 70.20% Fibonacci retracement line. This is very important. Obviously, this point served as the final boss and was met with some rejection in terms of XRP price increase.
However, this breakout could open up the possibility for XRP to reposition itself to fit third wave predictions. The next near-term prediction after this is $1.88, with other price upside possibilities at deeper levels.
Long-term goals and possible support levels
Dark Defender points out important numbers for XRP at $1.88, as well as $5.85 and $18.22 in its long-term model. These predictions were obtained using Elliott Wave Theory, an analytical model that uses wave formations to predict market trends.
However, for these higher goals to be achievable, XRP will need to hold key support levels and stay below $0.4850, with particular emphasis on breaking above $0.3917. there is.
This $0.3917 support level represents the 23.6% Fibonacci retracement level that was tested in July when XRP fell to $0.3814. Dark Defender reveals that a hypotenuse of a further “double dip” back to this support is achievable, although we strongly doubt this based on current market price trends. Support must remain above these levels to maintain momentum.
Bitcoin’s influence on the predicted trajectory of XRP
Additionally, a tip from another market analyst, Mr. Egrag, mentions the relationship between this cryptocurrency and Bitcoin regarding the possible development of XRP. The same is exemplified by Egrag’s prediction that if Bitcoin reaches $70,000, XRP could rise to $12, which is more than 2,234% of its current price.
If Bitcoin reaches $160,000, XRP could rise 5,153% to $27. Egrag takes this assumption further and establishes what price level XRP will reach depending on whether Bitcoin actually reaches $200,000. Bitcoin is expected to rise 6,515% to $34.
These predictions highlight the leading role that Bitcoin price changes will play relative to other crypto markets. Next, Bitcoin’s price increase could also put pressure on XRP to reach other larger levels.
Currently, XRP price is $0.5253, up about 1% in the past 24 hours. The weekly chart suggests a small bearish breakout, and Dark Defender believes this could be a temporary consolidation. However, this month’s change in trends and the latest Ripple partnership point to an optimistic outlook, and the downturn XRP is experiencing could be short-lived.
