XRP has been under scrutiny as market analysts observe key indicators suggesting the potential for a price surge. An analysis by crypto analyst Dark Defender highlights the possibility of XRP reaching a target price of $18.22, reminiscent of its historic 2017 bull run.
XRP Price Analysis
In his tweet, Dark Defender emphasized the prolonged consolidation of XRP between $0.6649 and $0.3917, a range that has held strong support and resistance for the crypto.
The analyst pointed out that the weekly RSI dips have mirrored price movements, forming a bullish pattern. This parallel between price dips and RSI lows, coupled with a weekly RSI golden cross, indicates a potential upward trend.
It has been a long time since #XRP has been consolidating between $0.6649 & $0.3917.In the weekly time frame, RSI dips formed parallel with the price dips. Weekly RSI golden cross is in place.We have consistently emphasised the importance of the $0.6649 level. This level,… pic.twitter.com/qom6EF5IC3
— Dark Defender (@DefendDark) September 2, 2024
Dark Defender’s analysis suggests that the $0.6649 level is a crucial marker for XRP. This level is positioned above the weekly Ichimoku clouds, an indicator often used to identify support and resistance.
According to the analyst, a breakout above this level could trigger a bullish run. This could lead to a target of $18.22, as predicted by the Elliott Wave Theory and Fibonacci retracement levels.
Key Technical Indicators
Dark Defender incorporates the Elliott Wave Theory as a means of analyzing charts by defining the market movements in the form of waves. The current forecast for XRP is that it is currently in the formation of Wave 3 which is the strongest wave of the five-wave pattern.
The analyst also notes that if this pattern goes through, XRP could repeat the same as in the year 2017 where the price of the token surged.
Furthermore, the primary Fibonacci retracement levels have been also included in the analysis including the 50% (0.5286) and the 61. 8% ($0. 6649) level. These levels serve as critical points of support and resistance, with the latter being essential for initiating a bullish breakout.
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A Potential Bull Run Ahead?
Dark Defender makes a strong case for a potential bull run. He does this by comparing the state of the XRP market with that of 2017.
The Elliott Wave projection, the RSI golden cross alignment, and the stock’s placement above the Ichimoku cloud all point to a potential price surge for XRP.
The analyst identifies $0.6649 as the key level to watch; a sustained breakout above this point could pave the way for XRP to reach the ambitious target of $18.22.
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