Dark Defender (@DefendDark) shared insights regarding the price action of XRP, emphasizing a pivotal moment for the cryptocurrency. According to Dark Defender, XRP has successfully closed the last three monthly candles above the initial support level, indicating a significant bullish signal.
The analyst noted that the new three-month candle (covering October, November, and December) is now forming, suggesting that the conditions for a breakout are ripe and expecting an extraordinary breakout.
Read Also: Here’s How High The XRP Price Will Be If Ripple Is Able To Secure Only 10% Of The $100 Trillion Derivatives Market Share
Celebrate Dogecoin and Make Big Gains with Doge2014!
Doge2014 raises 500K in days celebrating Dogecoin. Make potentially big profits and get in on exclusive airdrop!
Show more +Show less – Key Observations from Dark Defender’sm XRP Price Chart
The chart presented by Dark Defender illustrates a triangle pattern formed by converging trendlines. The upper trendline, representing resistance, extends from the 2018 high, while the lower trendline, indicating support, corresponds to the mid-2020 low. XRP has been confined within this triangular structure since its peak in 2018 and is nearing a critical breakout point.
The focus is on the candle from July to September, which closed above the initial resistance line at approximately $0.6649. Despite this achievement, XRP remains below more significant resistance levels. The upcoming October-November-December candle is noted as crucial for determining the next major price movement, with the potential for a breakout from the triangle.
Read Also: BlackRock Sells Over $11 Million in Bitcoin (BTC): Accumulates This Major Token
Dark Defender plotted several important Fibonacci retracement levels, including:23.6% retracement at about $1.3917.70.7% retracement at $0.6649, which currently acts as both resistance and support.Higher targets include the 161.8% Fibonacci extension near $1.8815 and the 261.8% extension around $5.8653. A breakout from the triangle could position XRP to test these Fibonacci levels.
Impending XRP Price Breakout
Dark Defender asserts that the new three-month candle is “ready,” indicating that the time for a breakout is imminent. The phrase “no space anymore” suggests that XRP has reached a juncture where significant price movement is likely, signaling the end of the sideways consolidation within the triangle.
The closure of the July-September candle above the initial resistance line serves as a bullish indicator, even though this move occurred in relative “silence,” without significant momentum. The upcoming candle could act as a catalyst for larger price movements as XRP continues to compress within the triangle.
Follow us on X (Twitter), CoinMarketCap and Binance Square for more daily crypto updates.Get all our future calls by joining our FREE Telegram group.
We recommend eToro
Don’t invest unless you’re prepared to lose all the money you invest. This is a high-risk investment and you should not expect to be protected if something goes wrong. Take 2 mins to learn more Visit eToro Now Active user community and social features like news feeds, chats for specific coins available for trading. Wide range of assets: cryptocurrencies alongside other investment products such as stocks and ETFs. Copy trading: allows users to copy the trades of leading traders, for free. User-friendly: eToro’s web-based platform and mobile app are user-friendly and easy to navigate.
The post Ripple (XRP) Price Action Hints at Only One Direction: Analyst Reveals Timeline for ‘Extraordinary Breakout’ appeared first on CaptainAltcoin.
