XRP enthusiasts are closely watching the charts as key levels align with weekly trends, with an analyst known as Dark Defender providing insights into the current technical analysis.
According to Dark Defender’s recent analysis, XRP is on track to reach $1.88 in the short term. The critical level to watch is $0.6649, where the Fibonacci Level and the Weekly trend intersect. The weekly candle is approaching this level, and bullish indicators signal potential upward momentum. Dark Defender expects XRP to break through this level in the coming week, paving the way for a push toward the $1 target.
As of the latest data, the coin is trading at $0.6267, reflecting an almost 2% gain in the daily chart. The cryptocurrency has successfully maintained positions above the 50-day and 200-day Exponential Moving Averages (EMAs), reinforcing the bullish sentiment. A decisive break above the $0.6354 resistance level is seen as crucial for supporting a move toward the $0.65 handle.
Market observers are keeping a close eye on factors such as the ongoing SEC vs. Ripple case, news related to BTC-spot ETFs, and SEC activities, as these elements continue to influence XRP’s trajectory. However, a potential drop below the trend line and the 50-day EMA could expose the coin to the $0.5835 support level. The 14-day Relative Strength Index (RSI) reading stands at 51.22, suggesting that the coin might break above the $0.6354 resistance level before entering overbought territory.
XRP Attorney’s Insights on Selling Pressure
Adding to the market discourse, a recent tweet from an XRP-Pro attorney addressed concerns about selling pressure affecting the coin prices. The attorney highlighted that the quarterly release of 3 billion XRP from Ripple’s escrow is not entirely put into circulation, as approximately 800 million XRP per month is returned to escrow. Comparing this to the daily XRP trading volume, which typically exceeds 1 billion, the impact on the market appears limited.
Furthermore, the attorney emphasized that Ripple’s share of the trading volume is less than half of 1%, based on evidence presented in the SEC vs. Ripple case. Addressing concerns about inflation, it was noted that Ripple’s release from escrow resulted in an inflation rate of 5.4% in terms of the circulating supply, a figure significantly lower than other comparable cryptocurrencies.
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