Dark Defender, a prominent analyst, shared his XRP price analysis with his 110.5K followers on X (formerly Twitter), projecting an optimistic long-term target of $5.85 for the cryptocurrency. He noted XRP’s resilience at key support levels as it closed October with a monthly bounce from a strong support line.
Despite XRP’s bullish daily trend, Dark Defender advises caution as the weekly and monthly indicators remain in bearish territory. By highlighting important resistance and support areas, the study provides insight into the possible price trend of XRP.
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Ripple (XRP) Chart Analysis
XRP’s primary resistance levels are at $0.5286, $0.6044, and $0.6649, while its crucial support zones are situated between $0.4864 and $0.3917, per Dark Defender’s chart.
These levels indicate where traders might encounter buying or selling pressure, setting the boundaries for XRP’s current price range. Notably, Ripple’s XRP recently bounced off the $0.4864 support, confirming its strength as a foundational level for price stability.
This structure places XRP within a symmetrical triangle pattern, bounded by long-standing support and resistance trend lines. The chart suggests that this consolidation phase could lead to a breakout if XRP breaches these boundaries, potentially leading to upward movement toward the predicted price target of $5.85. However, as Dark Defender noted, caution is warranted until broader trends turn favorable.
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Show more +Fibonacci Extensions and Long-Term Price Targets
The XRP chart includes Fibonacci extension levels as projected price targets, with key points at $1.8819 (161.8%) and $3.8663 (261.8%). These levels align with potential impulsive waves in an Elliott Wave structure, where the XRP price could follow a five-wave pattern.
Wave projections suggest a bullish continuation for XRP, where higher price targets could be achievable if the cryptocurrency surpasses resistance levels and maintains support.
This Elliott Wave structure highlights the possible upward trajectory, though the tweet stresses that patience is essential. Investors should focus on the immediate resistance levels while keeping the long-term targets in view as XRP’s price structure unfolds.
Furthermore, Dark Defender pointed out that while daily indicators for XRP are oversold and show a bullish trend, the weekly and monthly trends remain bearish. This mixed sentiment suggests a potential for short-term gains within a longer-term consolidative phase.
The oversold condition on the daily indicators implies a potential buying opportunity for traders looking for quick gains. However, the caution about weekly and monthly bearishness underscores the importance of monitoring broader market conditions before expecting sustained upward momentum.
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Analyst’s Cautious Optimism
The overall market structure for XRP remains stable but unexciting, according to Dark Defender, who described the setup as “boring” yet consistent. The consistent movement of XRP within the symmetrical triangle pattern, which frequently comes before a breakout, reflects this consistency. Investors should keep an eye out for a breakout above the resistance level of $0.6649, as this might signal a change in momentum.
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