Emily Walker
The recent price movements of XRP have caught attention, particularly with a notable increase that brought its value briefly above $2.7 on December 17, marking a 9% rise. Although XRP faced immediate resistance at this level, it continues to show strong bullish signs on daily charts. Furthermore, renowned crypto analyst and XRP supporter Dark Defender recently shared insights on X, pointing out key price thresholds that could propel XRP to a potential price of $5.85.
XRP Hits $2.72: Breakout Confirmed
Dark Defender has maintained a consistently optimistic outlook on XRP, even during challenging market phases. He emphasized the importance of the $2.72 level, which has served as both support and a bouncing point. In his latest analysis, he remarked that XRP is on course with the trajectory he described, referencing the achievement of the $2.72 mark he identified just two days earlier. This affirmation adds to his faith in XRP’s current path.
The significance of the $2.72 price point is amplified by XRP’s breakout on December 15 from a descending resistance trendline that had been active since December 3, as per the 4-hour chart. After this breakout, XRP touched $2.72 but was met with rejection, leading to a slight decline and highlighting other essential support levels to monitor.
In light of this, Dark Defender’s recent technical review highlights $2.42 and $2.52 as critical support levels worth watching. Should XRP drop below $2.52, $2.42 is anticipated to act as a key rebound point, just above the downward resistance trendline, which could resume bullish activities. A bounce from $2.42 may set the groundwork for another upward trend toward higher resistance levels.
Potential Climb to $5.85: Key Resistance Levels
According to Dark Defender, the next steps in XRP’s growth depend on overcoming critical resistance levels. The initial goal would be to surpass $2.72 and then retest its early 2024 peak of $2.92. If XRP successfully breaks above $2.92, it would set the stage for reaching new price highs not seen in over six years.
Upon breaking the $2.92 threshold, the analyst forecasts a potential rise targeting $3.43, which represents its current all-time high maintained for over seven years. Dark Defender anticipates that sustained bullish momentum may then push XRP toward a longer-term target of $5.85.
As of this writing, XRP is trading at $2.51, with a market capitalization of $144 billion. A rise to $5.85 would signify a 133% increase in price, elevating its market cap to $351 billion.