Over the last few days, XRP’s value has rebounded significantly from the $0.520 region. It experienced an upward surge passing through resistance levels of $0.535 and $0.550. However, bearish forces persisted around the $0.580 resistance despite these gains hindering further upward movements.
Based on a chart from Tradingview, there was a peak at $0.5791 followed by a corrective decline. The price went below the threshold of $0.550 to test the support at $0.535. Eventually, this established a bottom at about $0.5326, with regards to which today’s price entered into a consolidation phase after recent losses.
On February 17, the crypto analyst Dark Defender provided an update on XRP, pointing out significant milestones in the price movements. Two weeks ago, he suggested that the correction was finished, and now XRP has aimed for the target of around $0.60.
Examining the daily frame, it was observed that XRP had formed Wave 1, reaching $0.5796 and rebounding from the Orange Resistance. To guide further analysis, Fibonacci Support Levels were identified at $0.5508, $0.5214, and $0.5085. Although reaching $0.5085 was not guaranteed, it served as the current final level of support.
Switching to the weekly frame, the analyst predicted that the correction would be brief, lasting only a couple of days. This short duration was viewed as positive, allowing XRP to progress toward Fibonacci Targets of $0.6443, $0.6649, and $0.7646.
As mentioned by analysts, April was anticipated to be favorable for the cryptocurrency market in general and specifically for XRP. This forecast aligned with broader expectations across the crypto space that there will be positive trends during this period.
XRP Chart Breakdown: Aiming for $0.92
In a recent X post, Dark Defender provides an insightful analysis, emphasizing that on February 17th, a careful examination of the daily chart revealed XRP encountering resistance marked by the orange line. This observation underscores short-term support’s importance.
Moreover, still putting more light on the structural analysis, the update pinpoints the concluding point of Wave 2, which was a corrective wave confined within the $0.5198 and $0.5066 range.
Further down in the forecast, it suggests that XRP would breach daily Ichimoku Clouds concerning one specific target level in its course charting forward. These targets are divided into three groups: Target 1 at $0.6649, Target 2 at $0.7707 and Target 3 at $0.9191.