Renowned cryptocurrency analyst Dark Defender, with a sizable following of nearly 100,000 individuals on platform
Based on his analysis, provided the token maintains a closing price above the $0.604 support level, XRP has potential for a positive rebound towards the $1.05 and $1.88 price targets.
While Dark Defender’s projection has all the bullish elements to give XRP a much-needed price boost, another analyst’s assessment is also key.
Hello everyone. $XRP formed a head-and-handle pattern in the daily time frame.
We set targets at $1.05 and $1.88 with the Elliott Waves, and now the Cup-Handle pattern is also flashing with XRP to hit the targets.
Can the handle extend to support at $0.5286?
We still have to close… pic.twitter.com/SvVokOYTs8
— Dark Defender (@DefendDark) November 21, 2023
XRP Uptrend and Institutional Investments
In a world where predictions are often uncertain, assurance from leading cryptocurrency analyst EGRAG offers another clear perspective, suggesting the journey to a $40 XRP may be less complicated than skeptics think.
The price of XRP remained above the $0.60 threshold in the early hours of Tuesday. The alternative cryptocurrency is currently on an upward trend, which is accompanied by an increase in the amount of capital invested in XRP funds by institutional investors.
#XRP – Once you see it, you’ll be hooked!
The FOMO is about to hit hard at $2! 💥
My bankaccount? Are #XRP absolutely! Every profit is fed back #XRP. 💰#XRPArmy STAY STABLE, The #XRP TA indicates incredibly bullish long-term prospects. 🐂 pic.twitter.com/z3PuhvwCmn
— EGRAG CRYPTO (@egragcrypto) November 22, 2023
In recent weeks, there has been a notable trend of major wallet investors divesting their XRP token holdings, while at the same time retail traders have shown an inclination to acquire the altcoin. This phenomenon has contributed to the development of a positive outlook for XRP.
The price of XRP is currently $0.6105, 1.8% less than a day ago. Despite the ongoing downturn, interest in this asset is increasing; Transaction volume increased 25% in the past day to approximately $1.2 billion.
Total crypto market cap is currently at $1.39 trillion. Chart: TradingView.com
Implications of the Ascending Triangle for the Future of XRP
One of his most recent updates on XRP, in which he highlighted the asset’s movements on the weekly chart, demonstrates his continued bullishness. XRP is currently trading within an ascending triangle that has been in place since 2018 EGRAG chart.
An ascending triangle is a bullish pattern in technical analysis, formed by a horizontal resistance line and an ascending supporting trend line. It indicates a market where buyers are consistently pushing the price up against a specific resistance level.
Traders expect a possible upside breakout at the top of the triangle, indicating a continuation of the existing uptrend. This pattern is often seen as a sign of increasing buying pressure.
(The content of this site should not be construed as investment advice. Investing involves risks. When you invest, your capital is subject to risk).
Featured image from Pexels