Expert Identifies Critical Launchpad for XRP Surge to $1.88, $5.85 and $18.22
In a recent analysis, market watcher Dark Defender has pinpointed a crucial resistance level that XRP must surpass in order to achieve new all-time highs. This expert’s long-term structure for XRP, which was established over a year ago, sets three key price targets at $1.88, $5.85, and $18.22. However, in order to reach these milestones, XRP first needs to breakthrough a strong resistance point at $0.6649.
Dark Defender’s chart showcases XRP’s price movement over a weekly timeframe, with the altcoin experiencing a robust bullish run that led to its first peak at $0.9327. The analyst initially targeted $0.89 for XRP, but the summary judgment ruling in the Ripple case triggered a more significant surge to $0.93 in July of last year.
After reaching the $0.93 high, Dark Defender predicted a subsequent retracement. Interestingly, XRP experienced this retracement, dropping to $0.3814 in July of this year, almost precisely touching the lowest Fibonacci retracement level at 23.6% ($0.3917).
Despite the steep decline, Dark Defender believes that this is likely the lowest level XRP will reach. The price action since last year indicates a narrowing range as XRP continues to move within key support levels of $0.4850 and $0.5286, as well as resistance at $0.6649.
These support and resistance levels play a crucial role in determining XRP’s next direction. According to Dark Defender, maintaining support above $0.48 and particularly $0.3917 is vital for XRP’s upward potential.
Despite recent consolidations and pullbacks, the long-term outlook for XRP remains bullish. Although the weekly price chart currently signals a bearish trend, Dark Defender suspects that this could be a false signal due to the positive monthly trend.
This divergence between the weekly and monthly charts suggests that XRP could experience significant upward movements if it can break through the $0.6649 resistance.
Notably, the $0.6649 level aligns with the 70.20% Fibonacci line, representing a major point of contention. Dark Defender refers to this as the “final boss” as it has rejected XRP’s price several times.
Breaking above this level could act as a launchpad for substantial price surges, propelling XRP towards its Wave 3 targets. The analyst predicts that once XRP closes above $0.6649 on either the daily, weekly, or monthly timeframe, a major rally could follow, with $1.88 as the next immediate target.
The chart also illustrates potential higher targets for XRP based on Elliott Wave theory. After the $1.88 mark, the next price levels are $5.85 and $18.22. However, for XRP to achieve these targets, it must maintain crucial support levels and break through existing resistance zones that have constrained its price.
While there is some concern about the possibility of XRP dipping back to the $0.3917 support, which has already been tested, Dark Defender considers this scenario unlikely. The market analyst believes that as long as key support levels hold, XRP is more likely to continue its upward trajectory.
Currently, XRP is trading at $0.5302, experiencing a 2.37% drop over the last 24 hours.