Dark Defender (@DefendDark) shared insights regarding the price action of XRP, emphasizing a pivotal moment for the cryptocurrency. According to Dark Defender, XRP has successfully closed the last three monthly candles above the initial support level, indicating a significant bullish signal.
The analyst noted that the new three-month candle (covering October, November, and December) is now forming, suggesting that the conditions for a breakout are ripe and expecting an extraordinary breakout.
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Show more +Key Observations from Dark Defender’sm XRP Price Chart
The chart presented by Dark Defender illustrates a triangle pattern formed by converging trendlines. The upper trendline, representing resistance, extends from the 2018 high, while the lower trendline, indicating support, corresponds to the mid-2020 low. XRP has been confined within this triangular structure since its peak in 2018 and is nearing a critical breakout point.
The focus is on the candle from July to September, which closed above the initial resistance line at approximately $0.6649. Despite this achievement, XRP remains below more significant resistance levels. The upcoming October-November-December candle is noted as crucial for determining the next major price movement, with the potential for a breakout from the triangle.
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Dark Defender plotted several important Fibonacci retracement levels, including:
23.6% retracement at about $1.3917.
70.7% retracement at $0.6649, which currently acts as both resistance and support.
Higher targets include the 161.8% Fibonacci extension near $1.8815 and the 261.8% extension around $5.8653. A breakout from the triangle could position XRP to test these Fibonacci levels.
Impending XRP Price Breakout
Dark Defender asserts that the new three-month candle is “ready,” indicating that the time for a breakout is imminent. The phrase “no space anymore” suggests that XRP has reached a juncture where significant price movement is likely, signaling the end of the sideways consolidation within the triangle.
The closure of the July-September candle above the initial resistance line serves as a bullish indicator, even though this move occurred in relative “silence,” without significant momentum. The upcoming candle could act as a catalyst for larger price movements as XRP continues to compress within the triangle.
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