By Scott Matherson, Bitcoinist.com, 2024-05-27
Despite witnessing price declines, a crypto analyst has predicted that XRP is set to break through critical resistance to new highs. The analyst has highlighted several technical indicators that signal a potential trend shift for XRP.
XRP Set To Witness Bullish Rally
In a recent X (formerly Twitter) post, a crypto analyst identified as ‘Dark Defender' shed light on XRP's price movements, unveiling a combination of technical indicators that suggest an imminent bull rally for the 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 trend shift 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 examining highs and lows as well as opening and closing prices in a given time frame.
In making his prediction for XRP, the analyst shared a price chart depicting XRP's price movements from 2023 to the end of 2024. He revealed a critical support zone between $0.6044 and $0.6649, which XRP will have to break through to experience a price surge.
In his chart the analyst revealed a price target of $1.8816 between July and September, emphasizing that the cryptocurrency would have to skyrocket by 161.8% to reach this price. The analyst believes that XRP is on track to make “extraordinary moves above $0.6049.”
For this to happen, Dark Defender has stated that XRP will also have to close its weekly candle above $0.6649. He revealed another major technical indicator, the Ichimoku Clouds, highlighting that this indicator substantiates the critical Fibonacci levels that fall between the aforementioned critical support zones.
Interestingly a dark red trend resistance line which can be seen on the price chart intersects between the Ichimoku Clouds and the Fibonacci levels. This intersection indicates that XRP is set to overcome major resistance, leading to a potentially stronger bullish trend that could propel the cryptocurrency towards the upper Fibonacci levels.
Dark Defender disclosed that XRP has already experienced its first weekly break last week and is expected to continue towards the most challenging areas. He declares that XRP is currently in “Grand Wave 3,” a phase of the Elliot wave theory often characterized by powerful and sustained upward movements.
Analyst Predicts Explosive Growth For XRP By Year-End
Another crypto analyst, identified as ‘JT' on X, has highlighted a pivotal moment in XRP, predicting that the cryptocurrency was set for an explosive momentum before November 2024. The analyst revealed a massive triangular formation in XRP's price chart, emphasizing that it was the longest-running triangle in the crypto market.
According to JT, XRP's running triangle is set to reach an apex in November, suggesting a potential breakout for the cryptocurrency. He reveals that if the Moving Average Convergence Divergence (MACD) can “turn up,” then XRP is likely to witness a bullish rally.
It's important to note that most forecasts are based on speculations but can provide valuable insights into a cryptocurrency's price movements. At the time of writing, the price of XRP is trading at $0.528, reflecting a 1.28% decline over the past 24 hours, according to CoinMarketCap.
