XRP’s recent price action was highlighted by another notable rally that took it to just over $2.7 briefly again after a 9% surge on December 17. Although the price of XRP was rejected once it reached this level, it… It continues to show upward momentum On the daily chart. Interestingly, popular cryptocurrency analyst and XRP advocate Dark Defender recently shared his thoughts on X, Highlight key price levels This could pave the way for the price of XRP to rise to $5.85.
The hack was confirmed with the price of XRP reaching $2.72
Dark Defender, known for its consistently bullish stance on XRP even during its long bearish phase, He pointed out the importance From the $2.72 price level, which served as a support and bounce point. In his latest price forecast, he noted that XRP is so far following its expected path, pointing to achieving the $2.72 target he shared two days ago. This verification reinforces his confidence in the current path of the token.
The importance of $2.72 becomes even clearer in light of XRP’s breakout on December 15 from the sloping resistance trend line that had been in place since December 3 on the 4-hour chart. Following this breakout, XRP price rose to touch $2.72 before facing rejection and starting a short-term decline highlighting other important support levels to watch.
With this in mind, Dark Defender’s new technical analysis points to $2.42 and $2.52 as the next two prices. Two notable support levels to watch. In case the price breaks the $2.52 level, $2.42 is expected to act as the most significant bounce point above the downward sloping resistance trend line that could ignite the bullish momentum. From the analyst’s point of view, a bounce from the $2.42 level will pave the way for another bullish rally towards higher resistance levels.
Expected rise to $5.85: Key price levels to watch
The next stages in XRP’s rise, according to Dark Defender, lie in overcoming pivotal resistance levels. The first step would be to break the $2.72 level and retest the current 2024 high of $2.92. Successful breakout above $2.92 That would unlock XRP to new price highs in more than six years.
If the XRP price successfully breaks the $2.92 mark, the analyst expects this to happen It is sure to rise towards $3.43 as an intermediate targetan all-time high price that has remained in place for more than seven years. From there, Dark Defender expects continued bullish momentum that would push the token to a long-term target of $5.85.
At the time of writing, XRP is trading at $2.51 with a market cap of $144 billion. Reaching $5.85 would result in a 133% increase in price and a market cap of $351 billion.
Featured image created with Dall.E, chart from Tradingview.com