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.
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.
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