Well-known crypto analyst “Dark Defender” has predicted a bullish move for the XRP price in the short term, with the expectation that the cryptocurrency could reach the $0.66 mark this week. Sharing his insights on Twitter, the analyst referenced the 1-day chart of XRP, highlighting recent price dynamics and key technical indicators.
“Hi. , we expect to reach $0.66 this week,” the analyst said. tweeted.
A deep dive into XRP price analysis
The chart presented by Dark Defender shows that XRP had an upward breakout from an ascending triangle on September 29. The 8% XRP price increase was driven by market participants’ expectations of Ripple’s Proper Party. Although there was no ‘big news’, the price of XRP still managed to stay above the trend line.
Historically, ascending triangles are considered continuation or consolidation formations, indicating a possible resumption of the previous trend after a short period of consolidation. Considering XRP’s upward trajectory since January, this breakout suggests the possible continuation of the bullish trend.
As Dark Defender highlights, the cryptocurrency underwent a backtest over the following three days, a process that the crypto asset has so far confirmed. If the asset remains above $0.50, it would successfully pass the backtest, according to Dark Defender’s analysis.
Dark Defender drew a parallel with the past and pointed out similar price behavior on July 13. That day marked the publication of the summary judgment in the lawsuit between Ripple Labs and the US Securities and Exchange Commission (SEC).
Against this backdrop, XRP broke out of its consolidation phase, leading to a price increase of almost 100%. Remarkably, the Relative Strength Index (RSI) entered a cooling phase after briefly rising to 74 in late May. The eventual upward breakout of this downtrend in RSI coincided with XRP’s significant rally.
Observing the recent chart behavior, Dark Defender noticed that the RSI’s extended trendline was broken to the upside again last Friday. While there was no significant news catalyst from Ripple that would dramatically increase the price of XRP, an RSI trendline backtest occurred in recent days. If confirmed, this could be a signal to the “next” Fibonacci level of $0.66 as mentioned by the analyst.
Long-term price targets
Dark Defender, in an October 1 tweet expressed optimism about the XRP price trajectory, specifically highlighting the recent close with a doji candle pattern in September. He noted: “XRP closed the September candle with a doji. I’m taking this positively, as always, and expect a retest towards $0.66 in a few days.”
Building on this observation, Dark Defender suggests that if XRP crosses the $0.55 threshold, it will gain significant momentum. This is because the asset may position itself above the weekly Ichimoku Clouds, a scenario he sees as very bullish. After this he expects:
[…] We continue with the second resistance at $0.91 (Yellow resistance) breaking above $0.66, and XRP continues directly at $1.33. Above $1.8815 (in violet :)), we will discuss -> New All-Time High, possibly $5.85 first!
At the time of writing, XRP was trading at $0.50797. After being rejected at the 23.6% Fibonacci retracement level at $0.5272, the cryptocurrency is now seeking support at the 38.2% Fibonacci retracement level at $0.5083 on the 4-hour chart.
Featured image of Top1 Markets chart from TradingView.com