Recent analysis from crypto analyst Dark Defender on the X platform offers a nuanced perspective on XRP’s current market status, focusing on the daily timeframe. According to the analysis, XRP is showing significant activity around crucial support levels. These include $0.5251, $0.5126, $0.4956, $0.4791, and $0.4594, corresponding to the 70.20%, 61.80%, 50.00%, 38.20%, and 23.60% Fibonacci retracement levels, respectively.
These levels have been areas where the price has consistently found buyers, indicating their importance as support zones. On the resistance side, the critical levels identified are $0.5888, $0.6827, $0.9093, and $1.2110. The analysis anticipates that XRP will test the $0.58 resistance level within the next few days, suggesting a potential short-term bullish movement.
The chart analysis includes a descending trendline, marked in orange, which has been a significant resistance level for XRP/USD. This trendline underscores the ongoing bearish trend, as the price has repeatedly tested and been repelled by this line. However, the Relative Strength Index (RSI) presents a different narrative. The RSI trend, illustrated at the bottom of the chart, shows higher lows, forming an ascending trendline. This pattern indicates increasing bullish momentum despite the bearish price action, suggesting a possible bullish divergence that could lead to a price reversal.
The Ichimoku Cloud, represented in shades of brown and gray, provides further context to XRP’s price movement. Currently, the price is positioned below the Ichimoku Cloud, which typically indicates bearish conditions. However, the cloud’s thickness and color variations point to potential support and resistance zones. A break above the cloud could signal a more robust bullish trend, indicating a shift in market sentiment.
Dark Defender’s analysis also includes an Elliott Wave count, depicted with blue lines. The current wave structure suggests that XRP is in the process of completing a corrective Wave 4, with the potential for an ensuing Wave 5 that could lead to a new high. This wave count provides a framework for understanding potential future price movements.
As of today, XRP is priced at $0.5283 with a 24-hour trading volume of $885,651,313.10. This marks a 1.1% decline in the last 24 hours but a 1.9% increase over the past 7 days. Despite this slight increase, XRP is underperforming compared to the global cryptocurrency market, which is up 9.80%, and similar FTX Holdings cryptocurrencies, which are up 11.40%.
