XRP Set for Explosive Move According to Analyst
Analyst Dark Defender has recently updated followers on the XRP/USD market outlook, predicting a significant price movement by the end of this quarter.
Imminent Breakout Anticipated
Dark Defender’s chart shows a symmetrical triangle pattern forming in the XRP market, indicating decreasing volatility and the potential for a major breakout. This pattern is characterized by converging support and resistance lines.
- Chart indicates candles compressing toward triangle apex
- Decreasing volatility as market consensus strengthens
- Implication of a substantial price move post-breakout
Key Resistance and Support Levels Identified
The downward sloping trendline serves as the ‘Ultimate Resistance’ level, while the upward trending line represents the ‘Ultimate Support’. XRP recently dipped below the support line in July but found support at the 23.60% Fibonacci retracement level.
Upcoming Candle Close Crucial
While XRP’s price is currently above the trendline, the ultimate test will come with the candle close at the end of this quarter. A close above the trendline could signal a bullish trend and validate Dark Defender’s price targets.
Potential Price Targets
Several price targets have been identified by Dark Defender based on the current chart analysis:
- 70.20% mark at $0.6649 as immediate resistance
- 100.00% level at $0.9327 for full retracement
- 161.80% level at $1.8817 for mid-range target
- 261.80% level at $5.8579 for aggressive bullish outlook
- 361.80% level at $18.2364 for ‘ultimate breakout’ target
XRP Price Update
Currently, XRP is trading at $0.5989 as per the latest data available.
Hot Take: Prepare for XRP’s Explosive Move!
Get ready for a potential breakout in XRP as the market gears up for a significant price movement. Keep a close eye on the price action and upcoming candle close to gauge the direction of XRP in the coming days.
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