After a seven-year struggle, XRP has broken the multi-year resistance level of $0.6649, signaling a promising bullish trend. This breakthrough, highlighted by crypto analyst Dark Defender on Twitter, has cleared the path for XRP to potentially reach $1.03 if it surpasses minor resistances in the coming days.
With the current Relative Strength Index (RSI) indicating an overbought status, investors are closely watching for signs of sustained growth, as any correction may impact XRP’s upward trajectory.
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Fibonacci Levels and Bull Flag Formation Indicate a Strong Uptrend
Dark Defender’s analysis emphasizes the importance of XRP’s recent close above $0.6649, a Fibonacci level marking a historic resistance point. Following this breakout, the analyst believes the next significant level for XRP is $1.03, with few barriers in between.
The potential formation of a “bull flag” on the chart strengthens this outlook, as bull flags often precede further price gains. In this setup, XRP’s price surged sharply (the flagpole) and is now in a consolidation phase (the flag), signaling a potential continuation of the uptrend if the price breaks upwards.
These Fibonacci retracement levels show previous support and resistance points, but $0.6649 no longer appears to serve as an obstacle due to XRP’s upward movement. If the price surpasses $0.7496, with touches around $0.76, the move toward $1.03 could accelerate.
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RSI Reaches Overbought Territory, Suggesting Caution for Traders
XRP’s current RSI stands at 84%, indicating overbought conditions. Historically, XRP has pushed past similar levels, sometimes reaching an RSI as high as 92%. While this leaves some room for further upside, it also signals potential for a price correction as the market nears overbought extremes.
Traders are thus advised to monitor the RSI, as another spike could push XRP to $1.03 before a correction occurs. The excitement around XRP’s recent milestones is palpable among crypto enthusiasts.
Dark Defender’s analysis encourages traders to stay calm and remain aware of market movements, as optimism builds around the potential $1.03 target. Although the current market momentum is bullish, this sentiment comes with reminders of past resistance and the need for cautious trading amidst heightened volatility.
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