XRP has recently broken through key resistance levels, signaling renewed bullish momentum. Technical analyst Dark Defender has identified near-term price targets at $5.85 and $8.76, with key support zones at $2.29 and $2.02.
The breakout occurred after a two-week consolidation period, as XRP surpassed a descending trendline that had been suppressing its price since reaching $2.87 on December 4. This movement is further supported by bullish signals, including a positive indication on the Ichimoku Cloud and an RSI Golden Cross, both suggesting increasing buying strength.
For further confirmation of this bullish trend, traders should watch for a daily close above $2.52. Achieving this could propel XRP toward $2.72 in the near term, with longer-term targets of $5.85 and $8.76. As of now, XRP is trading at approximately $2.62, reflecting a significant increase over the past month.
Given the current market dynamics, traders are advised to employ tight stop-loss strategies and monitor trading volumes closely to confirm breakouts and secure profits amid this high-stakes environment.