Cryptocurrency XRP has once again captured attention, teetering on the brink of a significant shift. Analyst Dark Defender offered his technical analysis, noting the importance of current resistance levels for a potential breakout.
Technical Analysis of XRP
According to Dark Defender's analysis, XRP is challenged by a descending trend limiting its upside. However, a symmetrical triangle is forming, and the price consistently makes higher lows, indicating mounting bullish pressure. A crucial breakout level is $2.6052. Surpassing this and further climbing above $2.77 would confirm the bullish structure, leading to further gains.
Significance of RSI and Resistance
The current RSI level also points to breakout potential. Despite the downward RSI trend, it forms higher lows, underscoring the buildup of bullish momentum. Should RSI and price overcome resistance levels, a significant price increase is likely.
Key Levels to Watch
Dark Defender has highlighted $2.60 as crucial for confirming a bullish XRP move. The next significant resistance stands at $2.85, with a long-term target at $5.85. In case of a pullback, $2.33 serves as immediate support. Surpassing $2.77 could drive substantial growth.
XRP stands at a critical juncture that will determine its future trend. A breakout above key resistance levels is essential for initiating a new phase of growth. Investors should keep a close watch on these price changes in the upcoming weeks.
