Analysts Predict XRP Breakout
Renowned crypto analysts, Dark Defender, Jaydee, and Egrag, have provided insights into the recent performance of XRP against the US dollar. All three analysts agree that XRP has confirmed a breakout from a multi-month resistance level and could be poised for another leg up.
XRP Price Successfully Breaks Out
Dark Defender has highlighted the formation of a “bull flag” pattern in the 4-hour time frame, which is considered a bullish continuation signal. By surging above $0.55, XRP validated the bull flag pattern. Dark Defender alluded to the Ichimoku cloud providing support below the price and predicted that XRP could reach $0.66 in the short term.
Jaydee’s analysis using a daily time frame showcases the price breaking the multi-month trendline resistance. Holding above the $0.54 level decreases the chances of a false breakout, and Jaydee predicts that XRP could rise above $0.60 in the short term.
Egrag also predicts a similar outcome and refers to the $0.55 level as “the ultimate battleground.” The bulls are trying to maintain candle closes above this level, while the bears are attempting to push the price back below it.
What’s Next?
The immediate target for XRP is the $0.66 level as indicated by Dark Defender’s bull flag pattern analysis. Sustaining above the $0.54-$0.55 level is crucial to affirm the breakout and reduce the chances of a pullback.
The Fibonacci retracement levels further support this perspective. The XRP price surpassed the 0.236 Fibonacci level at $0.554, suggesting a weakening of bearish momentum and hinting at a continued upward trajectory. The subsequent targets to watch are the 0.382 Fibonacci level at $0.626 and the pivotal 0.5 Fibonacci level at $0.685.
Hot Take: XRP Breakout Confirmed by Analysts
Renowned crypto analysts Dark Defender, Jaydee, and Egrag have analyzed the recent performance of XRP against the US dollar and all agree that XRP has confirmed a breakout from a multi-month resistance level. Dark Defender identified a bullish continuation signal in the form of a bull flag pattern, while Jaydee highlighted the significance of breaking the multi-month trendline resistance. Egrag emphasized the battle between bulls and bears at the $0.55 level. The analysts predict that XRP could reach $0.66 in the short term, but sustaining above $0.54-$0.55 will be crucial for confirming the breakout. Fibonacci retracement levels also support this outlook, with targets at $0.626 and $0.685 to watch.
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