Ripple (XRP) Price Analysis: Breaking Weekly Resistance with a Target of $1

XRP is trading around $0.63 at press time, seeing a modest 2.5% increase today. According to renowned analyst Dark Defender, known for his frequent XRP analyses, this latest move signals a break of weekly resistance right on Christmas.

In his tweet today, Dark Defender stated:

“Hi all. #XRP in the weekly time frame is breaking the weekly resistance right on Christmas, & we expect to continue this trend towards the New Year. $XRP is above Ichimoku, RSI is #Bullish, and the trend is UP! Our targets didn’t change & stayed at $1.05 & $1.88 short term.”

As a reminder, Dark Defender had set up these targets of $1.05 and $1.88 a few weeks ago. So with this latest bullish breakout, he expects XRP to continue climbing towards meeting those targets in the near future.

The move above weekly resistance aligns with bullish indicators he mentioned, including breaking above the Ichimoku cloud and an uptrending RSI. The overall trend also flipping to upward momentum adds conviction for the $1+ targets.

Next Big Airdrop?

Notcoin airdrop on Telegram made millions to people. Don’t miss out on the next TG airdrop by the same team – Dogs on Ton!

Show more +

Beyond the technical breakout, the crypto market sentiment and fundamental news have also been constructive for XRP recently:

  • Swing traders could look for a pullback near the $0.55 support and 200-day moving average as a potential entry opportunity, with upside targets of $0.68 near-term and $0.92 medium-term. That $0.92 level is where XRP had previously peaked during July’s gap up. A stop loss around $0.53 is reasonable.
  • Speculation around a potential IPO filing by Ripple has increased following a new job posting seemingly aimed at IPO preparation tasks. An eventual public listing could significantly boost XRP’s exposure and credibility with institutional investors.
  • Continued optimism around a favorable resolution for Ripple within the ongoing SEC case has the potential to restore confidence in XRP as a cryptocurrency option among investors.

With this confluence of technical, sentiment, and fundamental tailwinds, XRP looks positioned to continue breaking higher with sights set on Dark Defender’s $1+ targets. Both swing and long-term investors have reason to be bullish on XRP continuing its newly established uptrend as 2024 approaches.

You may also be interested in:

Check $RECQ Meme Coin

Sponsored: Invest Responsibly, Do Your Own Research.
Serves as the base currency for all transactions within the Rebel Satoshi platform
ICO stage, offering tokens at a discounted price
Facilitates a smooth and efficient economy within the arcade, supporting both arcade and in-game transactions.
Grants access to a diverse range of gaming experiences in the Rebel Satoshi Arcade,
Contributes to a decentralized, community-driven RebelSatoshi platform that integrates gaming with elements of revolution, freedom, and unity, appealing to users who value such principles.
intelligent crypto
How are  regular people making returns of as much as 70% in a year with no risk?  By properly setting up a FREE Pionex grid bot - click the button to learn more.
Crypto arbitrage still works like a charm, if you do it right! Check out Alphador, leading crypto arbitrage bot to learn the best way of doing it.

Tags:

Felix Küster
Felix Küster

Felix Kuester works as an analyst and content manager for Captainaltcoin and specializes in chart analysis and blockchain technology. He is also actively involved in the crypto community - both online as a central contact in the Facebook and Telegram channel of Captainaltcoin and offline as an interviewer he always maintains an ongoing interaction with startups, developers and visionaries. The physicist has couple of years of professional experience as project manager and technological consultant. Felix has for many years been enthusiastic not only about the technological dimension of crypto currencies, but also about the socio-economic vision behind them.

CaptainAltcoin
Logo