The price of XRP, the digital asset of the Ripple payment network, has been consolidating between key Fibonacci levels in recent weeks. According to prominent crypto analyst Dark Defender, this current trading range represents the most strategically important moment for XRP since May of 2017.
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Critical $0.46 Support Level in Focus
In particular, Dark Defender is closely watching the $0.46 support level that has repeatedly rejected price declines. He believes this support zone will continue to hold, given how significant it is from a technical perspective. Failing to maintain the $0.46 level could be damaging for XRP in the short-term.
However, Dark Defender expects XRP to hold this floor. It aligns with the 2020 support established earlier and has proven resilient through multiple tests already in 2022. For these reasons, he anticipates XRP will stay range-bound between $0.46 and $0.53 until the next major move triggers.
Consolidation Preceding Breakout
In Dark Defender’s view, the longer XRP trades sideways in this range, the closer it gets to eventually breaking out and continuing its upside momentum. Periods of consolidation are common before cryptos embark on new bull runs. This tightening price coil suggests the market is gearing up for a powerful breakout.
The legal proceedings between Ripple and the SEC have also bolstered the long-term investment case for XRP. With recent rulings going against the SEC, optimism is growing that Ripple can ultimately prevail. This would remove the regulatory overhang that has weighed on XRP for over a year.
For now, the spotlight remains on the key $0.46 support level as Dark Defender and other analysts eye XRP’s next major move. The expectation is for consolidation between $0.46 and $0.53 to continue, with Ripple’s native asset maintaining this floor that is so critical from a technical perspective.
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