Renowned crypto analyst \u201cDark Defender\u201d has forecasted a short-term bullish movement for the XRP price, with expectations that the cryptocurrency might hit the $0.66 mark this week. Sharing his insights on Twitter, the analyst referenced XRP\u2019s 1-day chart, highlighting recent price dynamics and key technical indicators.<\/p>\n
\u201cHi there. XRP in the daily chart broke the initial resistance & back-tested it. We had a similar move on 13-Jul-23. The next Fibonacci level stands at exactly $0.6649. If we don\u2019t see XRP below $0.50 support, we expect to hit $0.66 this week,\u201d the analyst tweeted<\/a>.<\/p>\n The chart presented by Dark Defender shows that on September 29, XRP experienced an upward breakout from an ascending triangle. The XRP price increase by 8% was driven by market participants\u2019 expectations of Ripple\u2019s Proper Party<\/a>. Although \u201cmajor news\u201d failed to materialize, the price of XRP still managed to stay above the trend line.<\/p>\n Historically, ascending triangles are considered continuation or consolidation formations, indicating a potential resumption of the previous trend following a brief period of consolidation. Given XRP\u2019s upward trajectory since January, this breakout suggests the possible continuation of its bullish trend.<\/p>\n As Dark Defender highlights, the cryptocurrency underwent a back-test over the subsequent three days, a process the crypto asset has so far confirmed. If the asset sustains above the $0.50 mark, it would successfully clear the back-test as per Dark Defender\u2019s analysis.<\/p>\n Drawing a parallel to the past, Dark Defender pointed out a similar price behavior on July 13. That day marked the release of the summary judgment<\/a> in the lawsuit between Ripple Labs and the US Securities and Exchange Commission (SEC).<\/p>\n Amid this backdrop, XRP broke out of its consolidation phase, triggering an almost 100% price rally. Remarkably, the Relative Strength Index (RSI) entered a cooling phase after a brief surge to 74 in late May. The eventual upside break of this descending trend in RSI coincided with XRP\u2019s significant rally.<\/p>\n Observing the recent chart behavior, Dark Defender noted that the RSI\u2019s extended trendline was once again broken upwards last Friday. Although there wasn\u2019t a significant news catalyst from Ripple to push XRP\u2019s price dramatically, an RSI trendline back-test occurred in recent days. If this is confirmed, it could signal a surge toward the \u201cnext\u201d Fibonacci level at $0.66 as mentioned by the analyst.<\/p>\n Dark Defender, in a tweet from October 1, expressed<\/a> optimism about the XRP price trajectory, specifically highlighting its recent close with a doji candle pattern in September. He remarked, \u201cXRP closed the September candle with a doji. I take this positive, as always, and expect a re-test towards $0.66 in a couple of days.\u201d<\/p>\n Expanding on this observation, Dark Defender suggests that if XRP breaks the $0.55 threshold, it will gain significant momentum. This is due to the asset potentially positioning itself above the weekly Ichimoku Clouds, a scenario he views as very bullish. Following this, he anticipates:<\/p>\n [\u2026] We proceed with the second resistance at $0.91 (Yellow Resistance) will be broken above $0.66, and XRP will directly proceed with $1.33. Above $1.8815 (In Violet :)), we will discuss \u2013> New All-Time High, possibly at $5.85 at first!<\/strong><\/p>\n At press time, XRP traded at $0.50797. After the price was rejected at the 23.6% Fibonacci retracement level at $0.5272, the cryptocurrency is now looking for support at the 38.2% Fibonacci retracement level at $0.5083 on the 4-hour chart.<\/p>","protected":false},"excerpt":{"rendered":" <\/p>\n Renowned crypto analyst \u201cDark Defender\u201d has forecasted a short-term bullish movement for the XRP price, with expectations that the cryptocurrency might hit the $0.66 mark this week. Sharing his insights on Twitter, the analyst referenced XRP\u2019s 1-day chart, highlighting recent price dynamics and key technical indicators.<\/p>\n \u201cHi there. XRP in the daily chart broke the initial resistance & back-tested it. We had a similar move on 13-Jul-23. The next Fibonacci level stands at exactly $0.6649. If we don\u2019t see XRP below $0.50 support, we expect to hit $0.66 this week,\u201d the analyst tweeted<\/a>.<\/p>\n The chart presented by Dark Defender shows that on September 29, XRP experienced an upward breakout from an ascending triangle. The XRP price increase by 8% was driven by market participants\u2019 expectations of Ripple\u2019s Proper Party<\/a>. Although \u201cmajor news\u201d failed to materialize, the price of XRP still managed to stay above the trend line.<\/p>\n Historically, ascending triangles are considered continuation or consolidation formations, indicating a potential resumption of the previous trend following a brief period of consolidation. Given XRP\u2019s upward trajectory since January, this breakout suggests the possible continuation of its bullish trend.<\/p>\n As Dark Defender highlights, the cryptocurrency underwent a back-test over the subsequent three days, a process the crypto asset has so far confirmed. If the asset sustains above the $0.50 mark, it would successfully clear the back-test as per Dark Defender\u2019s analysis.<\/p>\n Drawing a parallel to the past, Dark Defender pointed out a similar price behavior on July 13. That day marked the release of the summary judgment<\/a> in the lawsuit between Ripple Labs and the US Securities and Exchange Commission (SEC).<\/p>\n Amid this backdrop, XRP broke out of its consolidation phase, triggering an almost 100% price rally. Remarkably, the Relative Strength Index (RSI) entered a cooling phase after a brief surge to 74 in late May. The eventual upside break of this descending trend in RSI coincided with XRP\u2019s significant rally.<\/p>\n Observing the recent chart behavior, Dark Defender noted that the RSI\u2019s extended trendline was once again broken upwards last Friday. Although there wasn\u2019t a significant news catalyst from Ripple to push XRP\u2019s price dramatically, an RSI trendline back-test occurred in recent days. If this is confirmed, it could signal a surge toward the \u201cnext\u201d Fibonacci level at $0.66 as mentioned by the analyst.<\/p>\nA Deep Dive Into The XRP Price Analysis<\/h2>\n
Long-Term Price Targets<\/h2>\n
A Deep Dive Into The XRP Price Analysis<\/h2>\n
Long-Term Price Targets<\/h2>\n