As a seasoned researcher with a penchant for cryptocurrencies and a keen eye for market trends, I find myself intrigued by Dark Defender’s latest analysis on XRP. Having closely followed his insights during the bearish phase, it’s fascinating to see how his predictions are now materializing. The recent breakout above the resistance trendline and the touch of $2.72 is a testament to his foresight.
The cost of XRP has spiked again, going up by about 9% on December 17 and briefly reaching close to $2.7. However, it quickly dropped after hitting this level. Despite this, the daily chart shows that XRP is still showing positive signs. Notably, a well-known crypto analyst and XRP supporter, Dark Defender, has expressed his thoughts on XRP, pointing out certain price points that could potentially trigger another significant increase in its value, potentially pushing it up to around $5.85.
Breakout Confirmed As XRP Price Hits $2.72
Dark Defender, known for his consistent bullish stance on XRP even during its prolonged bearish phase, pointed out the significance of the $2.72 price level, which has acted as a support and bounce point. In a recent price outlook, he noted that XRP has been so far following his predicted trajectory, citing the achievement of a $2.72 target he shared two days prior. This validation further strengthens his confidence in the token’s current trajectory.
The importance of $2.72 becomes more evident as XRP surpassed its resistance trendline, which has been active since December 3, in the context of its breakout on December 15 (as shown on the 4-hour chart). After this breakthrough, the price of XRP peaked at $2.72 before encountering rejection and subsequently experiencing a temporary drop. This decline highlights other significant support levels that should be closely monitored.
Based on recent technical analysis, Dark Defender predicts that $2.42 and $2.52 will be the next significant support points to keep an eye on. If the price breaks through the $2.52 level, it is expected to encounter a strong bounce at approximately $2.42, just above a resistance trendline that could potentially rekindle bullish trends. In the analyst’s opinion, a rebound from this point would pave the way for another potential upward movement towards higher resistance levels.
Projected Rise To $5.85: Key Price Levels To Watch
According to Dark Defender, the upcoming phases for XRP’s growth involve conquering significant resistance barriers. First, it needs to surpass the current barrier at $2.72 and revisit its 2024 peak of $2.92. If XRP manages to overcome $2.92, it could potentially reach new price heights not seen in over six years.
If XRP’s price manages to surpass the $2.92 barrier, Dark Defender anticipates an upward trajectory toward $3.43 as a mid-term goal, which is its existing all-time high price that has persisted for more than seven years. Beyond this point, the analyst suggests that bullish sentiments would carry on, propelling the token towards a long-term objective of $5.85.
As I type this, each XRP is being traded for approximately $2.51, giving the cryptocurrency a total market value of around $144 billion. If XRP were to reach $5.85, it would represent a 133% increase in price and result in a market cap of roughly $351 billion.
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2024-12-19 03:41