XRP on the Verge of Breaking Daily Bull Flag, Analyst Expects a Remarkable Surge to $5
Analyst Dark Defender has predicted that XRP will soon complete its upward trend, leading to a significant price surge of around 70% and breaking through the $0.66 resistance level. This breakout could pave the way for an even more explosive rally in the future.
In their recent analysis, Dark Defender highlighted the formation of a daily bull flag in XRP’s chart, indicating a buildup of momentum for a potential breakout to the upside. The accompanying image shows how XRP has successfully recovered from a previous bearish trend that caused it to drop below $0.39, reaching a two-year low.
Since July 8, XRP has been steadily climbing, reclaiming the $0.5 mark and hitting a three-month high of $0.6366 on July 17. After this impressive comeback, the cryptocurrency entered a consolidation phase, trading within the range of $0.59 to $0.62 over the past week.
According to Dark Defender, a breakout from this pattern is imminent. As of now, XRP has already surged to a new daily high of $0.6129, coinciding with Bitcoin’s upward momentum as it approaches the $70,000 mark.
The analyst predicts that XRP will extend its upward trend, with a 70% surge from the recent bottom. Initially targeting $0.6649, Dark Defender believes XRP will eventually make a significant push towards the $1 range.
While the $0.66 resistance level has proven to be challenging for XRP in the past, Dark Defender expects the cryptocurrency to overcome it during the anticipated breakout. They have also identified a secondary resistance point at $0.87 in the 4-hour timeframe, but remain confident that these obstacles will be surpassed in the near future.
Dark Defender has set ambitious targets for XRP, including a short-term goal of $1.88. Looking ahead, they aim for previously unseen levels of $5.85 and $18 for XRP. Breaking through the identified resistance barriers could unlock the potential for these unprecedented price targets.
Other market observers also share this optimistic outlook, suggesting that if XRP were to recapture its previous all-time high of $3.84, it could trigger a significant shift in momentum and lead to even higher price discovery.