In recent days, XRP, the cryptocurrency, has drawn attention from analyst Dark Defender, who reported on its breakthrough past initial weekly resistance. This breakthrough could indicate the potential start of a new bullish wave.
Breakdown of XRP's Breakout
Dark Defender noted that XRP has broken its initial weekly resistance, which can be seen as the end of an extended corrective phase. In his post on the platform X, he showcased a weekly chart indicating a break below the trendline that had confined XRP's price action for months.
Key Levels and Fibonacci Support
Central to Dark Defender's analysis is the Fibonacci retracement zone, particularly the range from $2.64 to $2.86. This 50%–61.8% retracement zone is critical for validating the bullish thesis. Sustained weekly closes above this zone could pave the way for higher Fibonacci extension targets.
Outlook and Potential Targets
If XRP maintains support above the mentioned retracement zone, Dark Defender's model suggests that the next significant targets will be at $4.39 and a more ambitious level of $5.85 if bullish momentum persists. These targets depend on XRP continuing to respect the weekly breakout structure and sustaining buying pressure.
Dark Defender's analysis underscores the importance of XRP's current market structure. The breakthrough through initial weekly resistance opens possibilities, but the upcoming weeks will determine whether this breakout turns into a long-anticipated bullish surge or if the market returns to consolidation.
