XRP’s market movements lately have been of interest, with analyst Dark Defender sharing insights on its projected trajectory.
According to the analyst, XRP’s price action suggests a bull flag pattern forming on the weekly chart. This setup points to a potential price target of $8.67, provided key resistance levels are breached. However, before reaching this milestone, XRP must complete corrections observed in the daily time frame.
Moreover, the analyst underlined that XRP is presently going through a corrective period that might be over in ten days. The crypto recently surged to $2.17 after finding support at $2.13, indicating high buyer demand at these prices.
At press time, XRP trades around $2.20. The token has risen by 1.05% over the last day with a trading volume of $5,665,713,575.
Key XRP Price Levels
Support and resistance levels remain pivotal in XRP’s ongoing price structure. On the support side, $2.03, $2.11, $2.13, and $2.17 are critical areas where buyers are likely to maintain control. XRP’s bounce from $2.13 to $2.17 further reinforces these zones as robust accumulation points.
Conversely, the resistance levels of $2.22 and $2.42 pose immediate challenges to XRP’s upward movement. Breaking through these levels would pave the way for a test at $2.69, a resistance zone aligned with Fibonacci extensions and the upper trendline.
Bull Flag Formation and Fibonacci Analysis Signal Optimism
The bull flag pattern highlighted by Dark Defender suggests a bullish continuation in the weekly chart. This formation typically precedes substantial price increases, aligning with the long-term target of $8.67. On the daily chart, Fibonacci retracement levels offer additional insights.
Key Fibonacci levels include the 23.6% level at $2.05, acting as minor support, and the 38.2% level at $2.11, where XRP recently stabilized. Fibonacci extensions at $2.69 and $3.27 mark potential resistance zones if the bullish breakout sustains momentum.
Read also: Expert Maps Stellar (XLM) Price Path to $1, But There’s a Catch
Volume and Market Sentiment Reflect Potential Breakout
Volume dynamics indicate that XRP is preparing for a major move.
Decreasing trading volumes often signal an impending breakout, and a surge in volume could coincide with a move past resistance levels. Market liquidity data also suggests limited selling pressure below current prices, which may support further upward momentum.
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