According to one technical analyst, XRP It is in the midst of a recent breakout move and could stage an explosive rally towards the $5.85 level in the coming weeks.
XRP experienced a significant increase on March 11, increasing in value by over 20%. Notably, the asset started at around $0.61 and hit a new yearly high above $0.7440.
altcoinThis rapid increase in value was particularly notable because it occurred in a period of just four hours, contrasting with its previous stagnant performance.
Moreover, XRP’s shocking price increase made it one of the top gainers in the market on Monday evening. However, after this rise, XRP experienced a corrective pullback.
Despite this, it maintains a notable 13% increase in its seven-day performance. XRP, whose current value is $0.69, is trading at levels last seen in 2023. During this development, leading analysts such as Dark Defender published an update on their targets for XRP’s bull season.
XRP Now Closer to $1.35 Target
Dark Defender, in his post on X, emphasized that the break on March 11 happened as expected. XRP’s 30-day candlestick patterns give the much-awaited bullish signal stated.
Hi all. #XRP had the break-out yesterday, as we expected.
In the Monthly Time Frame, it is obvious that the move has #started.
The huge Resistance of $0.6649 is broken in the Daily, & #confirmed
$0.6649 will be Confirmed for the Weekly & Monthly Frames.
Our targets are closer… pic.twitter.com/pgSJmfT0s6
— Dark Defender (@DefendDark) March 12, 2024
The analyst also highlighted that the 20% volatility enabled XRP to surpass the stiff resistance level around $0.6649, which was confirmed by the asset’s daily time frame. Dark Defender suggested that what remains now is for XRP to be confirmed on weekly and monthly time frames.
Accordingly, the analyst claims that XRP is now closer than ever to reaching the intermediate resistance target of $1.33. Given the current market cap, reaching this $1.33 target would mean another imminent rally of 90%. He urged XRP holders to expect this important move soon.
$5.85 in Coming Weeks
Additionally, Dark Defender has set even higher targets for XRP this bull season. Additionally, he stated that he is targeting $5.85 “in the coming weeks.” Reaching this extraordinary price level would require a 747% bullish rally from XRP’s current market cap of $0.69.
Meanwhile, Dark Defender is not the only prominent crypto analyst predicting that XRP will soon rise more than 747% to $5.85. Analyst DustyBC pointed out that XRP broke the 6.5-year downward trend after the last fluctuation. In parallel, market observer Mikybull noted that XRP has been set to a $6 target.
Source : The Crypto Basic