Expert Dark Defender conducted an analysis of XRP's price action, highlighting key indicators pointing towards a potential bullish movement. The focus is on the three-month candles and crucial resistance and support levels.

XRP Monthly Candle Analysis

According to Dark Defender, XRP has successfully closed the last three monthly candles above the initial support level, indicating a bullish signal. The new three-month candle covering October, November, and December suggests conditions are ripe for a significant breakout.

Triangle Pattern and Fibonacci Levels

Dark Defender presented a chart illustrating a triangle pattern formed by converging trendlines. The upper trendline, representing resistance, extends from the 2018 high, while the lower trendline, indicating support, corresponds to the mid-2020 low. XRP has been confined within this structure since 2018, with the closure of the July-September candle above the resistance line at $0.6649 highlighting the importance of the current period. Despite not having surpassed major resistances yet, the upcoming October-December candle is crucial for a potential breakout.

Impending XRP Breakout

Dark Defender asserts that the new three-month candle is 'ready,' signaling imminent substantial price movement. The closure above the initial resistance line in July-September acts as a bullish indicator, despite occurring with relative silence. The upcoming candle could act as a catalyst for more significant price movements, breaking XRP out of its sideways consolidation.

Based on the current analysis, XRP may be set for substantial growth if the current structure holds. Monitoring the new three-month candle's dynamics is essential as it could push the cryptocurrency towards testing key Fibonacci levels.