Top analyst Dark Defender has lately shared a bullish outlook for XRP. He suggested a potential path to $5.85 by 2025.
In his tweet, he outlined XRP’s price bounce from a key support level and its touchpoint with the Ichimoku Weekly Clouds, signaling a possible long-term upward trajectory.
Dark Defender emphasized the importance of XRP breaking above the Ichimoku Cloud, particularly at $0.6649, to ignite substantial bullish momentum.
Moreover, he references key technical indicators, including a five-wave Elliott Wave structure and an imminent golden cross on the Relative Strength Index (RSI), both indicating potential upside targets for XRP.
XRP’s Support and Resistance Levels Define Key Milestones
The XRP chart shared by Dark Defender illustrates crucial support and resistance zones on the weekly timeframe. A well-established blue support line has served as a strong price foundation since 2022, marking points where XRP historically rebounds. This support was tested recently, affirming its strength.
Hey there, all! $XRP bounced back from our blue support level and touched the Ichimoku Weekly Clouds. We are still in alignment with the 5-Wave Structure. The weekly RSI is about to signal a golden cross.With this golden cross and above Ichimoku Clouds, where $0.6649 stands,… pic.twitter.com/7qPgfKuBjq
— Dark Defender (@DefendDark) November 7, 2024
Conversely, an orange resistance line, active since July 2023, has posed a considerable barrier to further price growth. A breakthrough above this resistance would mark a critical step toward XRP’s projected price targets.
Dark Defender highlights that breaking above the Ichimoku Cloud, specifically at $0.6649, is necessary for XRP to transition into a bullish trend. If XRP clears this cloud resistance, it may initiate a stronger uptrend toward its next resistance level.
Chart Patterns Indicate Potential Price Targets
Dark Defender’s analysis includes an Elliott Wave 5-wave structure, which offers insight into XRP’s possible price movements. According to this structure, Wave (1) initiated an upward movement, while Wave (2) represented a corrective phase respecting the blue support level.
Wave (3), if triggered, could push XRP toward $1.88, aligning with the 161.8% Fibonacci extension. A subsequent corrective Wave (4) would pave the way for Wave (5), potentially propelling XRP to $5.85, consistent with the 261.8% Fibonacci extension level.
The Fibonacci extension levels plotted on the chart provide additional price milestones, with the 161.8% and 261.8% extensions positioned at $1.88 and $5.85, respectively.
These levels represent potential points of resistance where XRP could experience selling pressure during a strong rally. Breaking through these extensions, however, would likely reinforce XRP’s price momentum and align with Dark Defender’s projected targets.
Read also: Celestia’s Unlocks Absorbed Well – Will TIA Price Continue to Pump?
RSI Golden Cross Suggests Strengthening Momentum
The weekly chart’s RSI indicates an approaching golden cross. When the RSI line crosses above its signal line, it is a bullish indicator.
However, the RSI has not yet completely confirmed a bullish trajectory. Dark Defender points out that a completed cross could further validate XRP’s ascent. This RSI movement suggests strengthening momentum, aligning with the analyst’s optimistic view of XRP’s potential path toward $5.85 by 2025.
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