In a recent post on X (formerly Twitter), Dark Defender talked about the Relative Strength Index (RSI) in regards to the XRP/BTC pair across the weekly time frame and interestingly drawing connections to its positioning ahead of the previously monumentous XRP bull runs in 2017 and 2021. Thus, through the analysis above, Dark Defender had already been assured about the beginning of the next bull run in 2024.
Together with this assertion, a detailed graph was uploaded by Dark Defender, which showed that the level of XRP hitting $2 is a single starting point of its strong growing tendency.
In fact, the signals on the chart could represent that the upward potential of XRP would spike to as high as $12, pointing to general historical tendencies of bull runs that more often pitch the digital asset to unprecedented ATHs. The existing ATH for XRP stands at the $3.84 range when the 2017 bull run reached its apex.
Reflecting on the past, the inability of the token to retest or surpass its ATH in the previous bull run has been largely associated with regulatory ambiguities that restrained its growth. The tokens seem poised for a quite noticeable rise this time around, with the regulatory frameworks clearer and more defined.
Unlocking XRP’s Potential: Exploring Key Levels and Targets
Going further in the analysis by Egrag Crypto, the result depicts a bullish pattern, with a number of daily closures above the 0.5 level of the Fibonacci Speed Resistance Fan (FSRF). It is used to identify the range of support and resistance at a given point in the upward and downward trend movements. It comprises three trendlines radiating from a common point, each set at angles of 38.2, 50, and 61.8 degrees.
After the July surge, the token reached a resistance at FSRF 0.618, which seemed a major level for the coin to cross. The next resistance level was at about 0.75 cents. However, in line was a bullish formation as XRP tapped several daily closes above FSRF 0.5, suggesting the token was indeed resilient in confronting challenges.
Looking ahead, traders and investors are eyeing strategic targets along the FSRF and Fibonacci extension levels. These consist of FSRF 0.618 at around 0.75 cents, FSRF 0.75 at about $1, Fib Extension 1.618 at about $1.5, and FSRF 1 at $1.96. Every level is a milestone that gives away the market’s movement up to some extent.
A pivotal moment is anticipated upon breaching the $2 mark, triggering the Fear of Missing Out (FOMO) effect. It is this psychological phenomenon that will be the real force for the momentum that will carry XRP to make an attempt at a target of $27. This target is an incredible 1350% increase from current levels and, therefore, highlights the scope for massive market movement.
These technical indicators are what investors keenly look at while making their way through the dynamic landscape of XRP value. At the time of writing, XRP is at $ 0.563565, with a trading volume of $ 2.72B and a market cap of $ 30.75B. XRP price increased by 1% in the last 24 hours.