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- Dark Defender predicts a significant XRP rally based on historical price movements and technical analysis.
- The Ichimoku Cloud indicator and RSI trends may confirm XRP’s bullish breakout.
After reclaiming a critical support level of $0.40, the XRP price is showing signs of a slow rebound. According to its price structure, the token’s next key goal is to retain its bullish foundation by staying above the $0.425 mark.
Today, prominent crypto analyst and trader Dark Defender revealed his technical analysis of the XRP price, indicating the possibility of a major surge ahead.
In a tweet, Dark Defender used previous price patterns to predict a similar upward rise. With recent gains and a bounce at the 23.60% Fibonacci support level of $0.3917, XRP initially seeks resistance at $0.50.
When you see, you see.
It was never easy for #XRP & will not be, but in the end,
History repeats itself.
Believe In Miracles? pic.twitter.com/BWz14ScY7X
— Dark Defender (@DefendDark) July 8, 2024
XRP Set for Breakout and Bullish Reversal
According to the forecast, XRP will break out of a triangle pattern on the weekly chart that Dark Defender shared, with targets at $1.88, $5.85, and $18.22. Furthermore, a breakout of the Ichimoku Cloud signal will validate the Ripple token’s strong bullish trend.
The RSI indicator appears to be going downward into the oversold zone, which normally indicates a decrease in selling pressure and the possibility of a bullish price reversal.
On the other hand, a previous report by CNF highlighted former Goldman Sachs analyst Murad Mahmudov, who labeled XRP as a “cult memecoin” with Cardano (ADA). Despite these opposing viewpoints, XRP continues to demonstrate resilience. As of this writing, XRP is trading around $0.4409, up 1.62% over the last 24 hours.
Also, as we previously reported, pro-crypto attorney Billy Morgan recently acquired XRP for roughly $0.40. Despite the market’s conflicting sentiments, this transaction demonstrates that certain investors are becoming confident in XRP’s potential for a bullish breakout.
