đ XRP Seeks to Break Crucial Resistance at $0.75 with Targets Set at $1.88 and $5.85 đŻ
XRP is gearing up for an important challenge as it aims to secure a close above the critical resistance at $0.75, with bullish market watchers setting short-term targets at $1.88 and an impressive $5.85.
đ Breaking the Descending Trendline
Market analyst EGRAG identified a multi-month descending trendline that XRP had struggled with since its drop from the high of $0.8547 in July. XRP broke above this descending trendline on October 28, confirming the start of its latest uptrend.
EGRAG emphasized the significance of XRP closing above the $0.7529 point, which corresponds to the Fibonacci level of 0.5, to maintain its current uptrend. The $0.9444 level represents the next substantial resistance hurdle.
đ Analyzing the Overbought Situation
Another respected analyst, Dark Defender, noted that XRP reached his short-term resistance target at $0.66 on the 4-hour chart, a level XRP successfully broke through on November 5. However, he highlighted XRP's overbought status on the daily timeframe, with the Relative Strength Index (RSI) at 78.05.
Despite the possibility of retests at the $0.66 zone, Dark Defender expressed confidence that XRP would continue its uptrend. He outlined two short-term targets: $1.8815 and $5.8536, with emphasis on securing a comfortable close above $0.6649 to aim for the $1.88 price level.
đŻ Targets and Potential ATH
While $1.05 and $1.33 are important resistance levels, Dark Defender suggested that they are less potent than $0.6649 and $1.88. Once XRP surpasses the $1.88 level, the target of $5.8536 comes into play.
In pursuit of these price targets, XRP would need to surge by 171% to reach $1.88 and an impressive 743% to achieve $5.85, marking a new all-time high (ATH) for the asset.
With a significant increase in trading volume and a market cap exceeding $37 billion, XRP appears bullish across all timeframes, according to Dark Defender. đ #XRP #PriceTargets #cryptoanalysis #BullRun #BinanceSquare $XRP
