Analyst establishes XRPs price trajectory spanning from 04 to 18
XRP has raised concerns in the crypto community after losing support at $0.40, but experts believe there is still potential for the token to rise. Currently, XRP is trading above $0.40 and investors are aiming for the $0.50 resistance zone. Analyst Dark Defender predicts that XRP could reach an all-time high of $18. The analysis focuses on the weekly time frame and identifies critical support and resistance levels that could shape the future of the cryptocurrency.
According to Dark Defender, XRP recently reached the Fibonacci support level at $0.3917, indicating a possible bullish reversal after completing the five Elliott Waves. It is important to monitor the price on the weekly time frame because any movement below $0.3917 could change the observed structure.
Dark Defender also looks at the Ichimoku Cloud, a comprehensive indicator that identifies trends, support, and resistance levels. The current price action of XRP suggests that it is navigating through significant resistance, but a breakout above the cloud would confirm a strong bullish trend. Based on this technical setup, Dark Defender projects ambitious price targets for XRP: $1.88, $5.85, and ultimately $18.22. If XRP reaches $18.22, it would represent a massive 4,238% increase from its current value.
One positive sign supporting Dark Defender’s bullish outlook is the Relative Strength Index (RSI). The weekly RSI figures indicate that XRP is in an oversold area, which often precedes a price rally. This suggests that selling pressure has been exhausted and buyers may soon take control.
However, it is important to note that any movement below the $0.3917 support level could disrupt the observed structure and invalidate the bullish setup.
Currently, XRP is trading in line with the broader crypto market as investors await further developments in the Ripple and Securities Exchange Commission (SEC) case. The court has announced new dates for motions and hearings on unresolved claims, including Ripple CEO Brad Garlinghouse’s statement about his position on XRP. The market sentiment has affected XRP’s trajectory towards reclaiming the $0.50 mark.
At the time of reporting, XRP is trading at $0.42, with a 4% decrease in the last 24 hours. On the weekly chart, the token is down 12%.
Please note that the content on this site should not be considered investment advice and investing is speculative.
