XRP Price Poised For ‘Ultimate Breakout’ With $18 Price Target: Crypto Analyst

by

As a seasoned crypto investor with over a decade of experience in the digital asset market, I have witnessed countless price movements and trends, both bullish and bearish. The latest analysis by Dark Defender (@DefendDark) on XRP/USD market outlook has caught my attention due to its potential for significant price action before the end of this quarter.

1. The crypto expert Dark Defender (@DefendDark) has recently shared his insights on the XRP/USD market with his 108,000 followers via X. In his most recent assessment, he anticipates a significant price shift approaching in the next three months, which would conclude by September’s end.

XRP Price On The Verge Of Ultimate Breakout

Dark Defender’s provided chart depicts a symmetrical triangle pattern, which is a common continuation formation indicating lessening market turbulence and a possible major breakthrough. This pattern arises from the merging of a descending resistance line with an ascending support line.

XRP Price Poised For ‘Ultimate Breakout’ With $18 Price Target: Crypto Analyst

1. In the context of XRP, the candle patterns are converging at the peak of the triangle, indicating a reduction in market volatility as the collective opinion solidifies. This configuration is significant because it implies that the price might experience a substantial shift once it escapes from the triangle, potentially moving upwards or downwards.

As a researcher examining the chart, I would describe the downward sloping line as my “indicator of ultimate resistance.” This line signifies a price level that XRP has faced significant challenges in surpassing during past market rallies. Conversely, the upward trending line is my “marker for ultimate support,” representing a historical or psychologically significant price point where XRP has experienced strong buying pressure and rebounded from declines.

Significantly, the XRP price dropped beneath its previous support level in July, but subsequently bounced back and found a foothold at the 23.60% Fibonacci retracement mark, which is located at $0.3917. At present, XRP is moving upward.

1. As the chart was constructed, the price had slightly surpassed the trend line at that moment. Nonetheless, this doesn’t signify anything conclusive; the final candle closing on September 30, 2024, will be a decisive test. If the XRP price manages to close above the trendline by then, it would pave the way for Dark Defender’s highly optimistic price predictions.

Price Targets

At $0.6649, there’s a proposed resistance level making up 70.2% of the upward price movement. Overcoming this barrier would strengthen the bullish outlook and potentially signify a significant breakthrough from the extended trendline.

At $0.9327, the 100.00% mark signifies a complete bounce back from the decline that initiated in July of the previous year following the summary judgment in the Ripple vs. SEC case. Moving forward and building on this recovery, the 161.80% level at $1.8817 presents a mid-range objective for a post-breakout surge, implying considerable upside potential should the positive trend persist.

Based on the Dark Defender’s examination, hitting the 261.80% level at $5.8579 could indicate a highly optimistic bullish trend. This suggests a situation in which the market’s underlying factors and investor attitudes work together to propel prices substantially upward.

As a researcher, I’ve identified a significant potential upside for XRP based on current market trends. The 361.80% increase, which would place the price at approximately $18.2364, represents an optimistic scenario. Achieving this level would necessitate substantial changes in market dynamics, likely influenced by influential macroeconomic factors and game-changing developments within Ripple and the XRP ecosystem.

At press time, XRP traded at $0.5989.

XRP Price Poised For ‘Ultimate Breakout’ With $18 Price Target: Crypto Analyst

Read More

2024-07-30 10:36