Dark Defender (@DefendDark), a well-known cryptocurrency analyst, has sparked renewed interest in XRP with his recent prediction. His analysis hinges on a technical indicator, a symmetrical triangle pattern which he identified on the XRP chart.
A symmetrical triangle is a chart pattern formed by two converging trendlines, one pointing upwards and the other downwards. As the price action progresses, these trendlines gradually converge, suggesting a potential price breakout upwards or downwards.
In the context of Dark Defender’s analysis, the symmetrical triangle on the XRP chart suggests a period of consolidation. The price has been oscillating within the confines of the triangle, indicating a struggle between buyers and sellers. His analysis of the symmetrical triangle was from May 6, and his recent post is an update to his observations.
The $1.88 Target and Potential Breakout
In his initial analysis, the chart was zoomed in and did not show the origin of the triangle. However, it shows that the triangle is nearing its apex where both trendlines converge.
He posits that this technical pattern could culminate in a significant price surge for XRP. His initial target sits at $1.88, representing a potential upside of approximately 289.3% from the current price of $0.4829.
Dark Defender’s latest post hints at a more ambitious target. The analyst predicts a huge move to $18. While he doesn’t elaborate extensively on this possibility, views the $1.88 target from his former prediction as a stepping stone to $18.
Dark Defender also recently noticed a cup and handle pattern on XRP’s chart with a potential target of $1.33, which could be a precursor to the $1.88 target.
The $18 is 3,627.4% higher than XRP’s current price and would require a confluence of highly bullish factors impacting the XRP market.
External Factors to Consider
While Dark Defender’s technical analysis offers valuable insights, it is crucial to acknowledge the influence of external factors on XRP’s price. One major factor is the end of the lawsuit with the U.S. Securities and Exchange Commission (SEC). The lawsuit is near its end, and many believe the end of the lawsuit could open big doors for XRP, including an ex-Ripple director.
Ripple’s performance is also a crucial factor. The company is making significant strides in increasing the adoption of the XRP Ledger (XRPL) and its blockchain-powered payment solutions. This increased adoption could boost XRP as its adoption as a bridge currency increases.
Dark Defender’s analysis presents a compelling case for a potential XRP price surge, and this could be the start of big things for the digital asset.
⚠️Disclaimer
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