In the cryptocurrency world, trends and speculation often drive market movements, but technical analysis can provide a more balanced view of potential outcomes. XRP is approaching a significant phase, as indicated by analysis from a popular expert.
Technical Analysis of XRP
Analyst Dark Defender (@DefendDark) shared a detailed monthly chart of XRP, stating that 'XRP is ready.' The chart shows a classic rounding bottom formation, which is traditionally associated with accumulation and eventual breakout. This pattern has been forming for nearly eight years.
Potential Targets for XRP
The analyst highlighted a target termed 'Coffee Cup,' referencing the cup-and-handle pattern visible on the chart. Projecting a vertical measurement from the base of the cup to the rim at $1.88, the potential target could reach around $23. Other analysts have also set similar targets for this digital asset.
Fibonacci Levels and Market Structure
The chart also displays Fibonacci extension levels, particularly highlighting target levels at $5.85 and $18.22, based on Fibonacci levels that are commonly used in technical analysis to forecast areas of potential resistance.
The analysis and forecasts by Dark Defender for XRP provide a clear perspective on the technical potential of the asset. If XRP maintains its position above the broken resistance, there exists a possibility for further growth toward the specified targets.
