Ripple’s XRP is back in focus as crypto analyst Dark Defender predicts a sharp price increase. In an X post on Friday, the analyst stated that the price of XRP is getting close to a significant level, from which a massive price increase could be expected soon.
A Star is formed, and we will see the nebula's light.$XRP breakout is imminent.
— Dark Defender (@DefendDark) September 26, 2024
Get ready, #XRPArmy. pic.twitter.com/01EkhNwk1L
Key Resistance Level
Dark Defender has pointed out that XRP is trading below a key weekly resistance level but has displayed some positive sentiments. The token has been unable to overcome this resistance level, which is situated slightly below the Ichimoku cloud. It is a technical analysis tool used to signal trends and possible reversals. Nevertheless, other positive signs indicate that XRP may soon break through this level.
The weekly Relative Strength Index (RSI) for XRP can signpost a potential breakout. The RSI, which measures the speed and change of price movements, shows that the token is in highly bullish territory. Large price action usually follows such RSI levels, and in this case, it indicates that XRP may be on the precipice of a large price increase.
Targeting Fibonacci Level
XRP has been trading sideways below the weekly resistance of around $0.65. The analyst stated that if the token can break through the resistance, then the next target would be close to the 70.20% Fibonacci retracement level, at around $0.6649. Any move above this level may open the way for additional gains in XRP and propel the cryptocurrency into a stronger uptrend.
XRP vs SEC: Ripple Awaits Lawsuit Appeal as Deadline LoomsOn the other hand, XRP has maintained the price trend at the 23.60% Fibonacci retracement level at $0.39. This support has been quite stable in the recent past, implying that cryptocurrency has a strong base on which it can overcome resistance. As of press time XRP is trading at $0.5866, showing a 0.51% decline over the last 24 hours.
Although the token is still positive, many traders are still waiting for the confirmation of the breakout that Dark Defender had predicted. Further, if the resistance is broken, XRP could be in for a big rally and see significant price appreciation in the future. The crypto community is waiting for this critical level to find out whether XRP will be able to fulfill the bullish scenario and start growing even higher.
