XRP Price Confirms Breakout Above Multi-Month Resistance
Renowned crypto analysts, Dark Defender, Jaydee, and Egrag have provided insights into the recent performance of XRP against the US dollar. All three analysts agree that XRP has confirmed a breakout from a multi-month resistance level yesterday and could be poised for another leg up.
XRP Price Successfully Breaks Out
In the 4-hour time frame, Dark Defender has highlighted the formation of a “bull flag” pattern. This is usually considered a bullish continuation signal. Prior to the formation of this pattern, XRP experienced a significant upside move and then entered a consolidation. By surging above $0.55 yesterday, XRP validated the bull flag pattern.
Dark Defender posted, “confirmed”, alluding to a previous post where he stated the uptrend is reinforced by the Ichimoku cloud, which provided support below the price. “XRP formed a bull flag pattern, and this structure precisely touches our target at $0.66 in the 4H time frame,” the analyst remarked.
Jaydee’s analysis, using a daily time frame, showcases the price breaking the multi-month trendline resistance. The analyst spotlighted the importance of the $0.54 price level, stating that the longer the asset holds above this level, the lesser the chances of a false breakout. He predicts that the XRP price could rise above $0.60 in the short term.
“GASP!* Are we confirming the multi-month trendline breakout today? Finally, people are paying more attention to the charts that have been calling the crashes (& ignoring hopium that keeps REKTin Dumb Money) SMH LOL! Let’s go! Jaydee stated.
Egrag has shared a similar prediction as the other two analysts. In one of his latest analyses, Egrag refers to the $0.55 level as “the ultimate battleground” and emphasizes the tug-of-war between the bulls and bears at this critical juncture.
Looking at the 4-hour time frame, Egrag notes the commendable efforts of the bulls to maintain candle closes above the $0.55 level. In contrast, the bears are persistently trying to push the price back below that threshold.
The current challenge, according to the analyst, is that the XRP price needs to seal two consecutive full candles above the $0.55 level in the daily chart. Moreover, on the 3-day chart, the bulls must succeed in confirming a single candle close above this important price point. Egrag suggests that such a result would pave the way for the next significant challenge on the weekly chart.
What’s Next?
Based on the combined insights from the charts, the immediate target for XRP appears to be the $0.66 level, as indicated by the bull flag pattern on Dark Defender’s analysis. However, sustaining above the $0.54-$0.55 level will be crucial to affirm the bullish breakout and diminish the chances of a price pullback.
The analysis using Fibonacci retracement levels further corroborates the analyst’s perspective. Upon examining the 1-day chart, it’s evident that the XRP price surpassed the 0.236 Fibonacci level at $0.554 yesterday after a multi-day struggle. This suggests a potential weakening of bearish momentum, hinting at a continued upward price trajectory.
The subsequent targets to watch include the 0.382 Fibonacci level at $0.626 and the pivotal 0.5 Fibonacci level at $0.685. It’s worth noting that the 50% Fibonacci mark holds psychological significance, as reaching it would mean XRP has reclaimed half of its prior bearish slide after the summary judgment in the Ripple vs. SEC case.
Featured image from iStock, chart from TradingView.com
