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Mustafa Mulla
Mustafa Mulla
Author
Mustafa has been writing about Blockchain and crypto since many years. He has previous trading experience and has been working in the Fintech industry since 2017.
- Jul 15, 2024 09:15 UTC
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XRP Soars 25%! Top Analyst Reveals Next Key Price Target
Analyst Dark Defender predicts a bullish rally for XRP, citing a breakout on the weekly chart.
XRP faces strong resistance at $0.57; breakthrough could lead to $0.62, rejection stabilizes $0.57-$0.47.
Next key resistance targets for XRP are $0.6044 and $0.6649, potentially triggering significant gains.
Ripple’s native token, XRP, is back in the spotlight, experiencing a remarkable 25% price surge over the past week. After recently dipping to $0.3911 in July, XRP is now trading above $0.53, showcasing a strong recovery in the volatile market. Prominent crypto analyst Dark Defender predicts a bullish rally ahead for XRP, citing a breakout of the bullish pattern observed on the weekly chart.
Analyzing XRP’s Upward Trend
Crypto analyst Dark Defender suggests that XRP is showing promising signs of a strong upward trend. This positive outlook is based on the Fisher Indicator weekly chart, which has recently confirmed a bullish reversal.
Having already broken through the initial resistance at $0.4623, XRP is now poised to test higher resistance levels. Meanwhile, analysts are particularly keen to see if XRP can maintain its momentum and close above the key $0.53 level by the end of the week.
Key Levels to Watch
Currently, XRP is testing the interim Fibonacci level at $0.5286. Closing the weekly candle above $0.53 would indicate that the bullish trend is likely to continue, exciting traders and investors alike.
Ripple is seeing a strong upward trend, driven by increased interest around the $0.50 level. This rise has pushed XRP above $0.47, breaking through key resistance and moving past a long-term downward trend, showing a fresh wave of optimism.
Targets and Challenges to Know
Looking ahead, the next key target is the secondary mid-level resistance at $0.6044, which could further enhance XRP’s upward trajectory. However, the key level to watch is the master fundamental resistance at $0.6649.
If XRP manages to break through this level, it could trigger a series of substantial price increases, referred to as “God Candles,” paving the way for what some analysts call “Heaven’s Stairway.”
On the flip side, XRP is facing strong resistance at the $0.57 mark, a level that has caused pullbacks in the past. If Ripple can break through this barrier, it may aim for the next target of $0.62. However, if it gets rejected, we could see the price stabilize between $0.57 and $0.47.
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