XRP has lost 2.5% in the last 24 hours, trading at $0.518. However, the token is up by 3% in the last seven days, indicating that a few buyers are still active in the market.
But XRP has recorded significant losses in the past month, slipping off a high of $0.58 with a price decline of over 10%.
Despite this discouraging outlook, several enthusiasts are bullish on XRP. Notable Strategists and XRP enthusiasts, Dark Defender predicts that XRP’s price could breach the $1 resistance to reach new highs in the coming weeks.
But the question is: Does XRP have enough momentum to reach this level? Let’s explore the following analysis for hints.
XRP Price Analysis by Dark Defender
Crypto analyst Dark Defender examined XRP’s price a few days ago. He sees a possibility for the token to reach $18. However, considering its current price rate, XRP will need a 3300% increase to reach this level.
Dark Defender used various indicators and chart patterns to predict XRP’s future price, outlining three possible targets. One pattern the analyst used is the ABC Correction, which helps spot temporary reversals in price trends.
Notably, the ABC Correction consists of three waves: A, B, and C, each marking potential entry points during pullbacks.
Hi all. We recently checked the #XRP daily frame & discussed the 5 Wave correction in the daily frame has ended.
The weekly time frame & #RSI are slightly underperforming compared to daily and have a Weekly Resistance to break.
The regular ABC corrective wave has also been… pic.twitter.com/IOUwTgiQrF
— Dark Defender (@DefendDark) February 8, 2024
Dark Defender analyzed the waves for XRP, predicting that wave three will finish at approximately $1.88. The analyst thinks XRP could rise even higher, reaching $18.22.
While completion of the regular ABC corrective wave hints at upward movement, Dark Defender warned of a potential drop to $0.3917 if specific conditions aren’t met.
The analyst believes the chance of a price decline decreases if XRP stays above $0.52. He noted XRP’s progress toward $1.88 after identifying a daily break for the indicators.
In another short-term XRP prediction about, Dark Defender said the coin could reach $0.60 in days.
Hi all. #XRP had 3 consecutive candles close above $0.5286 in a 4-hour Time Frame.
Daily candle will close within hours, and it is also important to target $0.60 in days.
The Orange resistance & $0.6649 is still the Key.
— Dark Defender (@DefendDark) February 11, 2024
According to the analyst, this move is possible since XRP had three consecutive closes above $0.5286 in a 4-hour Time Frame. Meanwhile, Dark Defender added that the $0.6649 resistance is still vital. So, traders should apply caution.
In all, analyst Dark Defender is bullish on XRP price in both shorter and longer timeframes. However, XRP must first break past the strong resistance level before the main rally.
Ripple Price Analysis: XRP Faces Major Test at Moving Averages
XRP trades below its 50-day and 200-day simple moving averages (SMAs). Breaking above the SMAs would shift momentum to the bulls, triggering an uptrend. This could boost XRP’s price as more buyers come in expecting further gains.
However, sellers may take control again if XRP fails to push above resistance at $0.66.
In that case, the price could drop as bearish sentiment returns. According to the chart, if bullish momentum fades, XRP may retrace back to support around $0.430. This is an important area to hold to prevent steeper losses.
The RSI is currently at 44, neither overbought nor oversold, yet signaling indecision in the market.
Overall, XRP is approaching a crucial test at the SMAs and resistance level. For now, traders may want to wait and see if XRP can close above the SMAs and resistance before buying. Remember that breaking these levels signals an uptrend.
Otherwise, more sideways trading or losses are possible if the $0.430 support fails.
Sponge V2 Launch: Last Chance to Buy Before 100X Rally
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Sponge Meme Coin Surges Post V2 Relaunch on Polygon
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