According to Dark Defender, XRP could stage a breakout from its current position anytime from now to August of this year.
Dark Defender, a prominent XRP analyst, recently asserted that XRP is “ready” for a breakout which would lead to a price point of $3.82 this year. The analyst posited that this breakout will likely begin from now to August.
Taking to Twitter, Dark Defender called attention to the recent silence observed within the XRP camp, citing it as one of the indications that XRP is ready to stage a breakout.
The analyst highlighted an XRP weekly chart in his latest analysis, noting that the asset’s historical chart pattern suggests that its breakout will occur after 13 weekly bars. Notably, 13 weekly bars from the current point lead to late August.
However, he mentioned that the break could occur in any of the weeks leading to late August. According to Dark Defender, XRP would tower over the crucial resistance line upon the breakout, leading to a first target of $1.33. He noted that the next target that would follow sits at $3.82.
The projected period for the breakout coincides with the speculated time for the resolution of the Ripple vs. SEC lawsuit. Most recently, Ripple CEO Brad Garlinghouse disclosed that he believes Judge Analisa Torres will deliver a ruling for the case before the end of Q3, 2023. Several proponents, such as BitBoy, have predicted a major rally for XRP once the case ends in Ripple’s favor.
XRP Future Outlook
It bears mentioning that Dark Defender previously forecasted a more bullish outcome for XRP once it can tower over the $3.82 zone. His three targets stood at $3.82, $22, and $150+. The analyst noted that only time will tell if XRP can hit two of the targets this year.
Moreover, as previously reported by The Crypto Basic, Egrag, another notable analyst, forecasted a major rally for XRP in the foreseeable future. He pointed out that XRP has registered multiple closes above the Gaussian Channel, historically suggesting an imminent breakout.
However, he noted that XRP could consolidate for over 75 days before the rally. Egrag predicted a 30,000% increase for XRP once it breaks out, leading to a price point of $127. XRP is currently trading for $0.4264 as of press time, up 0.16% in the past 24 hours.
