XRP, the native token of the Ripple blockchain, has seen renewed interest among crypto traders and investors lately. The token is currently trading around $0.6, with a 9% increase over the last 7 days.
According to popular analyst Dark Defender, XRP looks poised to continue its uptrend based on technical analysis. In a recent tweet, Dark Defender noted that XRP needs to close above the $0.66 level this week to confirm the uptrend. If this happens, he sees initial resistance at $1.05, followed by upside targets at the Fibonacci levels of $1.88, $5.85 and $18.22.
Dark Defender pointed out that the Parabolic SAR indicator is expected to turn green soon, which would add volume to the move upwards. He also noted that XRP is trading above the Ichimoku cloud on the weekly chart, another positive sign. As long as XRP can close above $1.88, he expects it to continue climbing towards the $5.85 and $18.22 targets.
In other Ripple and XRP news, the Dubai Financial Services Authority (DFSA) has approved XRP for use by licensed virtual asset firms in the Dubai International Financial Centre (DIFC). This regulatory approval represents a major step forward for XRP adoption in the Middle East.
With bullish technical analysis and positive fundamental adoption news, the medium and long term outlook looks bright for XRP. Traders may want to watch for a decisive close above $0.66 this week, which could trigger the next leg up towards $1.88 and higher.
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