XRP Price Will Escalate To $1.03 This Week If This Happens: Analyst

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As a seasoned analyst with over two decades of experience in the financial markets, I have seen my fair share of bull flags and bear traps. However, the XRP/USDT chart presented by Dark Defender has piqued my interest. The decisive break above the multi-year resistance at $0.6649 coupled with the overbought RSI suggests a strong underlying momentum that could propel XRP towards the next substantial price target at $1.03.

In a recent study, cryptocurrency expert Dark Defender (@DefendDark) points out an intriguing trend in the day-to-day XRP/USDT chart, which could indicate a potential surge in the value of XRP. Based on his examination, the price of XRP might be shaping up as a technical formation called a “bull flag” following its clear break above the long-standing resistance at $0.6649. This move has been reinforced by two successive daily closures above this crucial threshold.

XRP Price To Reach $1.03 This Week?

A “bull flag” pattern emerges when an asset’s value experiences a significant surge, followed by a period of relatively small, sideways movement that resembles a flag hanging from a pole. This pattern is often interpreted as a continuation pattern, implying that after the consolidation phase, the value may continue to rise in the same direction as the initial strong move. In the case of XRP, the ‘flagpole’ was created by the steep climb from $0.52 to the break above $0.6649.

Additionally, Dark Defender emphasizes the use of the Relative Strength Index (RSI), which stands at 84, indicating it’s in an overbought state. An overextended RSI typically signals that the asset could potentially experience a temporary halt or consolidation because of short-term selling pressure as traders cash out their gains.

The situation matches what’s typically seen during the consolidation stage of a ‘bull flag’ chart pattern. Yet, if the Relative Strength Index (RSI) shows signs of being overbought within this context, it might suggest robust underlying strength. This could mean that after the consolidation ends, a surge upward may occur as a result of the breakout.

Dark Defender predicts a significant potential price increase for XRP, with the next target being around $1.03. This jump might occur quickly if XRP surpasses its immediate resistance near $0.7496. Any contact or minor closures above this resistance level are seen as crucial, potentially triggering a rise to approximately $0.76 and possibly more. If these conditions are fulfilled, Dark Defender anticipates that the price of XRP could reach $1.03 by the end of the week.

Significantly, this analysis relies on grasping Fibonacci levels, a tool commonly employed in cryptocurrency trading for anticipating potential points of support and resistance by examining past market fluctuations. The recently surpassed level at $0.6649 might function as a 70.20% retracement from the highest to lowest point in the previous market cycle.

If this level falls, the bull flag pattern might extend further downwards. Later, the 61.80% and 50% Fibonacci levels around $0.6044 and $0.5286 may provide support, potentially causing the XRP price to surge past $1.

The analyst states: “XRP closed 2 days in a row above $0.6649. Now we can say this Fibonacci Level is dead, too. There are no more substantial levels than this until $1.03. If we see touches above $0.7496, such as $0.76 or more, we can quickly expect the $1.03 this week.This is not financial advice but my expectation. Remember, XRP broke the multi-year (7) resistance of $0.6649 in NOVEMBER 2024.”

At press time, XRP traded at $0.7086.

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2024-11-15 04:34