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As the cryptocurrency market remains volatile, the price of XRP is on the brink of a significant move. Renowned crypto analyst, Dark Defender, has identified crucial support and resistance levels that could determine the next direction for XRP. Moreover, the analyst hints that this movement might happen sooner than expected.
Identifying Key Support and Resistance Levels for XRP
In a recent post on the X platform, Dark Defender outlined critical support levels for XRP at $2.42, $2.52, $2.71, and $5.85. Conversely, the resistance levels were marked at $2.29, $2.24, $2.10, and $2.02. These insights were shared alongside an observation of a bull flag pattern developing on XRP’s daily chart, suggesting potential bullish momentum.
Analyzing the Bull Flag Pattern
Dark Defender emphasized that XRP’s price is likely to make a decisive move imminently, as the current bull flag pattern approaches its completion. Recent analysis has pointed to a weekly bull flag on the XRP chart, indicating the possibility of the cryptocurrency reaching double-digit values in this market cycle.
Additionally, Dark Defender shared an update on the XRP/BTC pair analysis, noting that expected movements for XRP are unfolding, potentially indicating a significant uptrend against Bitcoin. Previously, the analyst had forecasted substantial gains for XRP against its Bitcoin pairing.
Potential Breakout Scenarios
Another crypto analyst, Ali Martinez, has observed a bull flag forming on XRP’s 4-hour chart. According to this pattern, XRP might undergo a brief correction before breaking past the $2.46 mark and potentially rallying to $4, which would represent a new all-time high (ATH) for the cryptocurrency.
Third Wave Scenarios by CasiTrades
Crypto analyst CasiTrades has proposed two potential scenarios for XRP’s third wave of upward movement. In the first scenario, XRP could achieve a typical move, extending to the 2.618 Fibonacci level, setting a price target at $3.82, aligning with its current ATH.
For the second scenario, if the third wave does not extend as anticipated, XRP may seek an extension play in the fifth wave, setting a price target of $3.23. This target is close to XRP’s current ATH, which might imply that the extension play could be limited.
CasiTrades advises that these scenarios are projections and that actual price movements could vary. However, she remains optimistic about a significant move, given XRP’s recent consolidation with minimal price fluctuations.
Current Market Position
At present, XRP is trading around $2.51, experiencing a notable increase of over 6% in the past 24 hours, as per the latest data from CoinMarketCap. As the market watches closely, these identified support and resistance levels could play a pivotal role in guiding XRP’s next price trajectory.
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