- Dark Defender signals Ripple (XRP) is in its final consolidation stage, predicting a price increase once completed.
- Key resistance levels for XRP are $2.22 and $2.30, with targets set at $3.75 and $5.85.
- CryptoQuant data shows a 96% drop in XRP exchange inflows, reducing sell-side pressure and signaling bullish potential.
Dark Defender has posted signals indicating that Ripple (XRP) is likely in the final stages of a consolidation pattern. The analyst refers to this phase as the “Final Consolidation” of XRP’s monthly structure. At the end of this phase, a price increase is expected. According to the analysts, there are five waves of movement that are indicative of a bullish signal for XRP.
Key technical levels of significance are $2.22 and $2.30, enacted as the resistance levels. On the flip side, the support is expected to be at $1.88 and $1.63. Thus, if XRP’s price accelerates beyond these resistance levels, it could potentially increase in value. Dark Defender has set two target prices for XRP that include $3.75 and $5.85. These levels, if breached, can be seen as vital peaks that would lead to an upward movement in the cryptocurrency.
Source: X
Ripple (XRP) Exchange Inflows Drop
Data from CryptoQuant indicates a significant decline in XRP exchange inflows. The user moved 210 million XRP to the exchange. On April 4, 2018, as recorded in XRP history, over 2 billion XRP were transferred to exchanges. By Thursday, this number had decreased considerably to as low as 77 million XRP. This significant drop indicates a decline in sell-side pressure, suggesting that fewer people are selling their tokens, as investors prefer to hold them.
Source: CryptoQuant
Such a decline is a clear indication that foreign investors are not selling their XRP in the market as before. This decline in sell-side activity means there is less XRP available within the market. Holding a fixed supply and increasing demand makes it possible for the XRP to rise in the near future. The current cumulated price trends reveal market sentiments of investors gaining more confidence in the long-term trajectory of XRP.
XRP Breakout Anticipation Builds
Market analysts are now focusing on XRP’s trend analysis in the next couple of weeks. Towards the end of the consolidation phase, there is always a breakout, or rather, acting up of the cryptocurrency. If support levels remain as such and the resistance levels remain at $2.22 and $2.30, XRP may come out of this trend and go up in price. As of press time, the Ripple token is trading at $2.07, showing a 0.61% decline over the past day.
Source: TradingView
XRP has the potential to see further growth in its price. If the price breaks above the outlined levels, XRP may head to $3.75 or even $5.85 in the next couple of months. With the build-up to its next move, the investors and the analysts have their eyes keenly focused on Ripple’s XRP.
