Analyst outlines XRPs price journey projecting a range from 04 to 18
XRP has raised concerns within the crypto community after losing support at the $0.40 level, but analysts believe there is still potential for the asset to rise. Currently, XRP is trading above the $0.40 support and investors are aiming for the $0.50 resistance zone. In a recent post, analyst Dark Defender outlined a potential price trajectory for XRP, projecting an all-time high of $18. This analysis examines critical support and resistance levels that could shape the future of the cryptocurrency.
The analyst noted that XRP recently touched the latest Fibonacci support level at $0.3917 after completing the five Elliott Waves. This support point suggests a potential bullish reversal. It is important to focus on the weekly time frame, as any movement below $0.3917 could change the observed structure.
Dark Defender also highlighted the importance of the Ichimoku Cloud in determining potential support and resistance zones. The Ichimoku Cloud is an indicator that identifies trends, support, and resistance levels. It suggests that XRP’s current price action is facing significant resistance, but a breakout above the cloud would confirm a strong bullish trend.
Based on this technical analysis, the analyst projected ambitious price targets for XRP: $1.88, $5.85, and ultimately $18.22. This would represent a substantial increase from the current valuation.
One key indicator supporting the bullish outlook is the Relative Strength Index (RSI). The weekly RSI figures indicate that XRP is in an oversold area, which often precedes a price rally. This suggests that selling pressure has been exhausted and buyers may soon take control.
However, the analysis also includes a caveat. Any movement below the $0.3917 support level could disrupt the observed structure and invalidate the bullish setup.
Currently, XRP’s trading is influenced by the general crypto market as the community awaits further developments in the ongoing Ripple and SEC case. The court has announced new dates for motions and hearings on unresolved claims, including a misleading statement by Ripple CEO Brad Garlinghouse. The market bearish sentiment has hindered XRP’s progress towards reclaiming the $0.50 mark.
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