XRP, the cryptocurrency associated with the payment settlement system Ripple, has been trading around $0.62 amidst a broader crypto market correction with Bitcoin dipping below $70,000. However, according to a popular XRP analyst known as Dark Defender, the long-term outlook for XRP remains bullish based on his technical analysis.
In his latest tweet, Dark Defender shared a detailed weekly time frame update for XRP. He highlighted that XRP is “again forced to stay under $0.6649, vital for further moves.” However, he noted that XRP is trading above an important orange resistance level that is now acting as support around $0.58.
“We are bullish as long as XRP maintains the #Orange Line (@ $0.58),” Dark Defender stated, referring to this key support area.
The analyst then went on to analyze several technical indicators that are painting a bullish picture for XRP. Firstly, he pointed out that the Moving Average Convergence Divergence (MACD) indicator is bullish on the daily, weekly, and monthly time frames.
“#MACD is Bullish in the daily, weekly, and monthly frames,” he tweeted.
Next, Dark Defender examined the Ichimoku indicator, a complex technical analysis tool that incorporates multiple averages to identify support/resistance, trends, and momentum. According to him, the Ichimoku is currently bullish for the daily and weekly time frames, and will turn bullish on the monthly frame if XRP trades above $1.88.
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Show more +Additionally, the analyst highlighted that the Heikin-Ashi candles, which are based on moving averages, are also displaying a bullish picture for XRP.
Based on these technical factors, Dark Defender expressed confidence that XRP will maintain the orange support level around $0.58. He believes that if XRP can close the weekly candle above the $0.6462 and $0.6649 resistance levels, it could soon target the $0.7707 to $1.00 range.
“This structure is squeezed between the support and above resistance which will lead XRP to touch $0.7707 to $1 soon,” he stated.
While the technical analysis from Dark Defender paints an optimistic outlook for XRP, it’s important to note that the ongoing legal battle between Ripple and the U.S. Securities and Exchange Commission (SEC) could potentially impact the price of XRP.
Therefore, traders and investors should keep a close eye on developments in the Ripple vs SEC lawsuit, as any major updates or rulings could influence the price trajectory of XRP. Regardless, Dark Defender’s analysis suggests that from a technical standpoint, XRP appears well-positioned for further upside if it can clear key resistance levels in the near-term.
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