Despite the testimony prices are fallinga crypto analyst predicted that XRP is on the verge of breakthrough critical resistance to new heights. The analyst highlighted several technical indicators that signal a potential trend change for XRP.
XRP Set to Witness a Bull Rally
In a recent article on X (formerly Twitter), a crypto analyst identified as “Dark Defender” turn on the light on the price movements of XRP, unveiling a combination of technical indicators that suggest a bullish rally imminent for cryptocurrency.
Basing his analysis on the Heikin Ashi candles and the Fisher indicator, Dark Defender explained that the connection between these two technical indicators often signals a change in trend on a weekly time frame. He further clarified that by combining the Heikin Ashi candles and the Fisher indicator, it is easier to identify trends by looking at the highs and lows as well as the opening and closing prices over a period of time.
In making his prediction for XRP, the analyst shared a price chart depicting The price of XRP movements from 2023 to the end of 2024. It revealed a critical support zone between $0.6044 and $0.6649, which XRP will need to cross to experience a price surge.
In his file, the analyst revealed a price target of $1.8816 between July and September, highlighting that the cryptocurrency would need to skyrocket 161.8% to reach this price. The analyst believes that XRP is on track to make “extraordinary moves above $0.6049.”
To make this happen, Dark Defender stated that XRP will also need to close its weekly candle above $0.6649. He revealed another major technical indicator, the Ichimoku Clouds, highlighting that this indicator justifies the critical Fibonacci levels that lie between the aforementioned critical support zones.
Interestingly, a dark red trend resistance line, visible on the price chart, crosses between the Ichimoku Clouds and Fibonacci levels. This intersection indicates that XRP is set to overcome major resistanceleading to a potentially stronger uptrend that could propel the cryptocurrency towards higher Fibonacci levels.
Dark Defender revealed that XRP already experienced its first weekly break last week and is expected to continue towards the tougher zones. He states that XRP is currently in “Great Wave 3”, a phase of Elliot wave theory often characterized by powerful and sustained upward movements.
Analyst Predicts Explosive XRP Growth By Year-End
Another crypto analyst, identified as “JT” on Underlines a pivotal moment in XRP, predicting that the cryptocurrency was set for a explosive momentum before November 2024. The analyst revealed a massive triangle formation in the XRP price chart, highlighting that it is the oldest triangle in the crypto market.
According to JT, XRP’s ongoing triangle is expected to peak in November, suggesting a potential breakout for the cryptocurrency. It reveals that if the Moving Average Convergence Divergence (MACD) can “pop”, then XRP is likely to witness a bull rally.
It is important to note that most predictions are based on speculation but can provide valuable information about a cryptocurrency’s price movements. At the time of writing, the price of XRP is trading at $0.528, reflecting a rise of 1.28%. decline in the last 24 hours, according to CoinMarketCap.
Featured image created with Dall.E, chart from Tradingview.com
