XRP price movement is under close observation as the asset hovers near a crucial resistance level. Analyst Dark Defender has pinpointed $0.6649 as the level XRP must breach to unlock a potential rally.
Breaking this point could propel XRP toward notable targets, initially aiming for $1.88, with long-term goals at $5.85 and $18.22.
XRP Price Resistance Level at $0.6649
XRP has always followed the important support and resistance levels. The $0.6649 mark is an important price level if XRP has to move up. This level therefore poses as a resistance. From the analysis made by Dark Defender, XRP needs to break through this level to start rallying.
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A breach above $0.6649 on daily, weekly, or monthly basis is a good launching pad for the price. The first target is pegged at $1.88.
Dark Defender’s chart depicts that price level $0.6649 will also correspond to the 70.20% Fibonacci retracement line. This is very important. Evidently, this point has served as a final boss, in which XRP price suffered several rejections in terms of appreciating higher.
However, breaking through could open up the potential for XRP to reposition itself to conform with the Wave 3 forecast. The next near term forecast after this is $1.88 with other increased price levels possible at a deeper level.
Long-Term Targets and Possible Support Levels
In their long-term models, Dark Defender has pointed out $5.85 and $18.22 for XRP besides the $1.88 vital figures. These projections were obtained using Elliott Wave theory, which is an analytical model that uses wave formations to predict how a market will trend.
However, for these higher targets to become attainable, XRP must maintain critical support levels and avoid slipping below $0.4850 a particular focus needs to be on staying above $0.3917.
This $0.3917 support level represents the 23.6% Fibonacci retracement level that was tested in July when XRP fell to $0.3814. Dark Defender makes it clear that the hypotenuse to get another ‘double dip’ back to this support can be achieved, though he doubts this strongly based on current market price trends. Maintenance of support either at or above these levels is required if the momentum is to be retained.
Bitcoin’s Influence on XRP’s Forecasted Trajectory
Moreover, there are tips from another market analyst Egrag regarding the possible course of development of XRP mentioning the link between this cryptocurrency and Bitcoin. The same is exemplified in Egrag’s course estimate where if Bitcoin hits $70,000 the XRP could increase to $12 that will be over 2,234% of present prices.
If Bitcoin is to reach $160,000, then XRP has the potential to increase by 5,153% to reach $27. Egrag takes this assumption further to establish what price levels the XRP may hit depending on Bitcoin actually getting to $200,000 , it is expected to reach $34, a 6,515% appreciation.
These forecasts emphasise the leading role that is played by the change in Bitcoin’s prices for the rest of the crypto market. In turn, Bitcoin growth in terms of price may also put pressure on XRP to reach other greater levels.
Currently, XRP price stands at $0.5253 and has been on the rise in the last 24 hours by about 1%. The weekly chart suggests a tiny bearish breakout, which Dark Defender believes could be temporary consolidation. However, the change in trends for the month and with newest Ripple partnerships signalling an optimistic outlook which may mean that the slump XRP is experiencing is only short term.
