The crypto market has been a battleground for XRP, with its price experiencing fluctuations that have tested the resolve of investors. However, amidst the volatility, a top analyst, Dark Defender, has laid out a bullish outlook, providing insights into XRP’s potential trajectory.
What you'll learn 👉
Backtest and Fibonacci Resistance
Dark Defender’s analysis focuses on the $0.7707 level, which XRP is currently proceeding towards. Despite the recent backtests, Dark Defender emphasizes that such price action is “absolutely normal” and a “Law of Nature,” suggesting that only the strongest hands will survive.
Notably, Dark Defender had previously discussed the strongest Fibonacci level, which served as a formidable resistance at $0.6649. Remarkably, XRP bounced back from $0.6689 on Binance, showcasing its ability to withstand such challenges.
Dark Defender’s assessment of XRP’s technical indicators paints a bullish picture. According to the analysis, XRP is trading above the Ichimoku Clouds, indicating strong momentum. Additionally, the Moving Average Convergence Divergence (MACD) and Relative Strength Index (RSI) indicators further reinforce the asset’s strength.
Consequently, Dark Defender has set an initial target of $1 for XRP, asserting that the road to this milestone is well underway. “Road to $1, at first!” Dark Defender exclaimed, instilling confidence in XRP’s potential for further upside.
Market Psychology
Dark Defender’s analysis highlights the significance of Fibonacci levels in market psychology, emphasizing that when an instrument reaches a Fibonacci level while going up, it is expected to encounter resistance, and when going down, it is expected to find support.
This principle aligns with XRP’s price action, as it bounced back from the strong Fibonacci resistance level at $0.6649, demonstrating the validity of Dark Defender’s analytical approach.
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Show more +The analyst’s assessment is further reinforced by data from CoinMarketCap, which shows that XRP’s price, as of this writing, stands at $0.614627, with a 24-hour trading volume of $4,392,725,037. While XRP has experienced a 5.33% dip in the last day, Dark Defender’s analysis suggests that this decline is a temporary setback on the path to greater heights.
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