In a pivotal move, renowned crypto analyst Dark Defender shared his insights in a recent X post, stating that XRP surged to $0.6649, meeting a previously set target. Although some market participants were initially skeptical, this achievement indicates a positive shift in sentiment within the XRP community.
Dismissing doubts about XRP reaching a $1 valuation as amusing, the analyst highlighted the achievement of surpassing the $0.6649 target, a level initially subject to mockery. Emphasizing the significance of daily closing above this mark, Dark Defender indicated its potential to establish a new support level, signifying a positive trend for the coin.
XRP has experienced a notable surge, trading at $0.6843, representing a 6.21% increase over the past 24 hours. Additionally, the cryptocurrency has generated a trading volume of $1,824,453,780. Having established $0.6649 as a support level, it is now targeting the next set of resistance levels.
Source: TradingView
Analyst Maps Key Resistance And Support Levels For XRP
The Analyst outlined the primary resistance benchmarks, identifying $0.7544 as a crucial level, followed by $0.8369 and $0.8888, representing Wave 3 of an ongoing 5-wave structure. Breaking past $0.8888 could pave the way for XRP to reach $1.0507, although the analyst cautioned investors to remain vigilant, as these levels might impede the cryptocurrency’s upward trajectory.
On the downside, the analyst underscored essential support levels for the coin to withstand downward pressures. Currently positioned at $0.6649, failure to hold this mark might lead to testing the $0.6044 support, seen as the final line of defense before reaching the $0.60 threshold. Further decline could push XRP to $0.5286, which is critical for maintaining the current positive momentum and reducing potential selling pressure.
Source: Chart by Dark Defender
As per Dark Defender, the fate of XRP’s trajectory hinges on market demand and broader trends in the cryptocurrency landscape. The analyst urged investors to monitor these levels closely, emphasizing their significance in determining Ripple coin future movement.
As the value of XRP continues to rise, investors are keeping a close watch on the cryptocurrency’s performance to see how it handles the resistance and support levels outlined by Dark Defender in the days ahead. Of particular interest is whether or not coin will break the $1 threshold, which would be a significant milestone for the cryptocurrency. As with any investment, it’s important to monitor market trends and stay informed about any developments that could impact the value of XRP.