Crypto analyst Dark Defender has shared a bullish outlook for XRP, pointing out key resistance and support levels that could determine its next move.
Breaking 4-Hour Resistance
Ripple's XRP has recently shifted its path by breaking the 4-hour resistance level, signaling the potential start of a strong uptrend. Dark Defender highlights the importance of XRP surpassing the $3.3999 mark for continued gains.
Market Activity Indicates Bearish Signs
Despite a positive chart, XRP faces challenges due to recent exchange deposits. Coinglass data indicates investors have deposited nearly $13 million in XRP, possibly increasing selling pressure. Moreover, the drop in OI-Weighted Funding Rate from 0.0103% to -0.0022% and the decline in ratio suggest potential further price drops.
XRP Price Momentum
XRP has seen a 17% weekly gain, reaching $2.61. This reflects growing investor confidence despite ongoing legal issues. If the bullish trend continues, new all-time highs might not be far off.
The optimistic outlook for XRP, based on technical signals, could lead to substantial growth if the cryptocurrency breaks key resistance levels.
