The XRP price is currently trading around $0.66, down 4% on the day. According to crypto analyst Dark Defender, this level represents critical support for XRP. In a recent tweet, he notes that if we fully understand the importance of this level, “you will be absolutely fascinated by the upcoming XRP moves right after here.”
On the monthly time frame, XRP is trading just above a key level at $0.66. Breaking above this on the monthly confirms further upside targets close to $1. Dark Defender is also tracking a 5-wave Elliott Wave structure on the monthly chart that points to a move towards $18.22 in the short-to-medium term.
However, the $1.88 level also represents an important resistance point. As he notes, “When $XRP breaks the $1.88, a strong level, oh God, it will be Kaboom.”
So in summary, the $0.66 level is absolutely critical to hold as support. It kicks off the next leg higher in a larger bullish impulse for XRP. The first major resistance level sits at $1.88. A decisive break above that could trigger significant upside momentum, per the Elliott Wave structure identified by Dark Defender.
In terms of momentum, the daily RSI for XRP reads 60. An RSI reading of 60 shows bullish momentum is solid but does indicate the rally is somewhat overextended in the short-term.
Some consolidation or minor pullback would be healthy before continued upside. But the key is for XRP to maintain the $0.66 support defined as so critical by Dark Defender. As long as XRP holds this level on a closing basis, the uptrend remains firmly intact.
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