XRP Price Analysis: A Look at Recent Surges and Future Projections
The cryptocurrency market has been abuzz with the latest developments surrounding XRP, marked by a remarkable price surge that briefly pushed it beyond the $2.7 threshold. This upward trajectory, highlighted by a 9% increase on December 17, showcases a bullish trend on the daily chart despite a subsequent rejection at this level. Notably, esteemed crypto analyst and XRP enthusiast, Dark Defender, has shared his expert insights on the platform X, identifying strategic price levels that could potentially catapult XRP to a target of $5.85.
XRP Price Breakthrough as It Reaches $2.72
Dark Defender, renowned for his unwavering optimism regarding XRP even during extended bearish periods, has emphasized the importance of the $2.72 price point, which has consistently served as a critical support and rebound marker. In his recent analysis, he expressed satisfaction with XRP’s alignment with his predicted path, noting the achievement of the $2.72 milestone he had forecasted just two days earlier. This milestone reinforces his conviction in the token’s current bullish momentum.
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The $2.72 level gains further significance following XRP’s breakout on December 15 from a descending resistance trendline visible on the 4-hour chart since December 3. After this breakout, XRP’s price ascended to $2.72 but encountered resistance, leading to a short-term decline. This development has brought other essential support levels into focus.
Dark Defender’s technical analysis suggests $2.42 and $2.52 as the next crucial support levels to monitor. Should the price breach the $2.52 threshold, $2.42 is anticipated to act as a pivotal bounce point just above the descending resistance trendline, potentially reigniting bullish momentum. A rebound from $2.42 could pave the way for another upward surge targeting higher resistance levels.
Anticipated Climb to $5.85: Key Resistance Levels to Monitor
Dark Defender outlines the upcoming stages for XRP’s ascent, emphasizing the need to surpass significant resistance levels. The initial objective is to breach the $2.72 mark and retest its current 2024 high of $2.92. Successfully overcoming $2.92 would unlock new price highs for XRP not seen in over six years.
If XRP manages to break past the $2.92 benchmark, the analyst foresees a potential rise towards $3.43, an intermediate target representing its all-time high price from over seven years ago. Beyond this, Dark Defender envisions sustained bullish momentum propelling the token towards a long-term target of $5.85.
At present, XRP is trading at $2.51, with a market cap of $144 billion. Achieving the $5.85 mark would signify a 133% price increase, elevating its market cap to an impressive $351 billion.
