Ripple has claimed the Platinum prize for Best Cross-Border Payments Platform at the 2024 Juniper Research Future Digital Awards. Alongside this achievement, crypto analyst Dark Defender has predicted a potential surge in XRP’s price to over $5.85, based on key technical indicators. Subsequently, Ripple shared the news of the award on its X account, sparking excitement across the XRP community.
Last year, the company won the PAY360 Award in the UK for its leadership in digital currencies. Ripple was also ranked 13th on Fortune’s list of the 50 best workplaces in technology for 2023. 94% of the company’s employees considering it a great place to work. Additionally, People Magazine named Ripple among the top 100 companies that care for employees and society.
Analyst Predicts XRP Price Surge Above $5.85
In the crypto market, analyst Dark Defender has issued an optimistic forecast for XRP. He predicts a price surge beyond $5.85. According to the analyst, several key technical factors suggest XRP may break its recent stagnation. Dark Defender pointed to a 4-year symmetrical triangle pattern, with XRP breaking above a long-term downtrend on the monthly chart.
XRP/USD 1-day price chart. Source: Dark Defender/X
The analyst believes XRP is entering the crucial Wave 3 of the Elliott Wave theory, historically the most powerful phase. The forecast aligns with key Fibonacci extension levels, with $0.6649 marked as a pivotal resistance. If broken, XRP could rise to $1.88 and potentially hit $5.85.
Ripple’s momentum is reflected in technical indicators like the Moving Average Convergence Divergence (MACD), which has printed a bullish signal on the monthly chart. Heikin Ashi candles also support this outlook, averaging at $0.57 and holding above key support levels.
Moreover, Dark Defender emphasized that XRP’s price movement remains largely independent of external news, such as the SEC lawsuit. The analyst argued that technical patterns have a more decisive influence on XRP’s trajectory, reinforcing a “super bullish” stance.
Ripple Nears Critical Breakout: Key Indicators to Watch
In addition, according to the chart shared by InvestingHaven, XRP has been forming a symmetrical triangle pattern. This is indicative of a period of consolidation that could lead to a strong upward movement once the price breaks out. The 50% Fibonacci level, now coinciding with the triangle’s apex, adds a critical technical focus for traders watching for breakout signals.
XRP poised for potential breakout, and strong long-term prospects. Source: InvestingHaven
Currently, XRP is testing resistance at the $0.53118 mark, aligning with the 0.618 Fibonacci level. A consistent push beyond this point could strongly indicate the beginning of a bullish phase, targeting the next significant resistance at the 1.618 Fibonacci level, around $0.71627.
XRP/USD 1-day price chart. Credit: TradingView
The Relative Strength Index (RSI) is at 46.44, which suggests that XRP isn’t overbought or oversold, leaving room for growth without immediate sell-off pressures. Additionally, the Bollinger Bandwidth Percentage (BBP) indicates low volatility with a reading of -0.04138, suggesting that price consolidation is happening now, which typically precedes a dynamic price movement.
Above all, as Ripple (XRP) wins the Platinum prize for Best Cross-Border Payments Platform at the 2024 Juniper Research Future Digital Awards, it affirms its strong presence in the fintech industry.
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