Bitrabo Editorial
Despite recent drops in its price, an analyst anticipates that XRP is poised to break through crucial resistance levels and reach new highs. The analyst has pointed out various technical indicators indicating a potential shift in XRP’s trend.
Upcoming Bullish Momentum for XRP
In a recent update posted on X (formerly Twitter), a crypto analyst known as ‘Dark Defender’ shared insights on XRP’s price movements, unveiling a blend of technical indicators hinting at an impending bullish phase for the digital asset.
By analyzing Heikin Ashi Candles and the Fisher Indicator, Dark Defender explained how the correlation between these indicators on a weekly time frame often signals a shift in trends. He emphasized that combining these indicators helps in recognizing trends by studying highs, lows, opening, and closing prices within a specific timeframe.
According to the analyst, XRP will need to surpass a crucial support range between $0.6044 and $0.6649 to trigger a significant price surge. The price chart shared by the analyst forecasts a target of $1.8816 by July to September, suggesting a 161.8% surge is needed to reach this level. The analyst is optimistic about XRP’s potential to make remarkable moves above $0.6049.
To achieve this, Dark Defender mentioned that XRP must close its weekly candle above $0.6649 and highlighted the significance of the Ichimoku Clouds as a supporting technical indicator confirming the critical Fibonacci levels within the mentioned support zones.
Notably, an intersecting dark red trend resistance line on the price chart aligns with the Ichimoku Clouds and Fibonacci levels, indicating a potential breakthrough of major resistance levels for XRP, paving the way for a stronger bullish trend towards higher Fibonacci levels.
Dark Defender noted that XRP recently broke its first weekly resistance and is expected to progress towards more challenging areas, currently in the “Grand Wave 3” phase, a part of the Elliot wave theory characterized by robust and sustained upward movements.
Anticipated Growth in XRP by Year-End
Another crypto analyst, ’JT’, highlighted a significant juncture for XRP, forecasting explosive momentum for the cryptocurrency before November 2024. He pointed out a substantial triangular formation in XRP’s price chart, labeling it as the most extended running triangle in the crypto market.
According to JT, the apex of XRP’s prolonged triangle is expected in November, indicating the potential for a breakout in the cryptocurrency’s price. He suggested that if the Moving Average Convergence Divergence (MACD) trend upward, XRP could likely embark on a bullish rally.
These insights, while speculative in nature, offer valuable perspectives on the possible movements in a cryptocurrency’s price. At present, XRP is trading at $0.528, reflecting a 1.28% decline in the last 24 hours, as per CoinMarketCap data.