In recent weeks, XRP has caught the attention of analysts as potential signs of a price surge have emerged. Crypto analyst Dark Defender suggests that XRP could reach a target of $18.22, reminiscent of the historic bull run of 2017.
Current Situation Analysis
In his tweet, Dark Defender emphasized the prolonged consolidation of XRP between $0.6649 and $0.3917, a range that has held strong support and resistance for the crypto. The analyst pointed out parallels between price dips and RSI lows on the weekly chart, forming a bullish pattern.
Key Technical Indicators
According to the analyst, the $0.6649 level is a crucial marker for XRP, positioned above the weekly Ichimoku clouds, an indicator used to identify support and resistance. A breakout above this level could trigger a bullish run, possibly leading to a target of $18.22 as predicted by the Elliott Wave Theory and Fibonacci retracement levels.
Potential Bullish Trend
Dark Defender's analysis projects that XRP is currently in the formation of Wave 3, the strongest wave in the five-wave pattern according to the Elliott Wave Theory. If this pattern continues, XRP could repeat its surge from 2017. Key Fibonacci retracement levels at 50% ($0.5286) and 61.8% ($0.6649) serve as critical support and resistance points, with the latter being essential for initiating a bullish breakout.
Dark Defender makes a strong case for a potential bullish trend for XRP, based on historical data and current technical indicators. The $0.6649 level remains the key point to watch; a sustained breakout above this level may pave the way for XRP to reach the ambitious $18.22 target.
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