XRP Price Will Escalate To $1.03 This Week If This Happens: Analyst
15 November 2024 - 2:30AM
NEWSBTC
In a new analysis, crypto analyst Dark Defender (@DefendDark)
highlights a significant pattern in the daily XRP/USDT chart that
suggests a possible sharp rise in the price of XRP. According to
his analysis, the XRP price is possibly forming a technical pattern
known as a “bull flag” after decisively breaking above the
multi-year resistance at $0.6649, a move that has been further
substantiated by two consecutive daily closes above this key level.
XRP Price To Reach $1.03 This Week? A “bull flag” pattern occurs
when the price of an asset moves sharply higher, then consolidates
in a narrow, downward-sloping range, resembling a flag on a pole.
This pattern is typically considered a continuation pattern,
suggesting that after the consolidation phase, the price is likely
to break out upward in the direction of the initial sharp movement.
In the context of XRP, the flagpole was formed by the steep price
increase from $0.52 leading up to the break above $0.6649.
Furthermore, Dark Defender points out the Relative Strength Index
(RSI), which is currently in the overbought territory at 84. An
overbought RSI often indicates that the asset might temporarily
pause or consolidate due to short-term selling pressure as traders
take profits. Related Reading: XRP NVT Ratio Has Been High
Recently: What It Means This aligns with the expectation of the
consolidation phase of the bull flag pattern. However, an
overbought RSI in the context of a bull flag pattern can also
indicate strong underlying momentum, suggesting that once
consolidation is complete, a breakout to the upside could follow.
Dark Defender highlights the next substantial price target at
$1.03, which could be achieved swiftly if XRP manages to ascend
beyond the immediate resistance near $0.7496. Specifically, touches
or minor closings above $0.7496, with potential surges to $0.76 or
higher, are deemed critical for this bullish scenario to unfold.
Should these conditions be met, Dark Defender expects that the
price of XRP could rally to $1.03 within this week. Related
Reading: XRP Surges To $0.74, Reaching Its Highest Price Since
Mid-March: Here’s Why Notably, the analysis also rests on the
understanding of Fibonacci levels, which are used extensively in
crypto trading to predict potential support and resistance levels
based on prior market movements. The level at $0.6649, now
surpassed, could likely serve as a 70.20% retracement from the
previous market high to low. If this level is breached to the
downside, the bull flag pattern could extend more to the downside.
Then, the 61.80% and 50% Fibonacci levels at $0.6044 and $0.5286
could serve as a support zone from which the XRP price could
escalate above $1. The analyst states: “XRP closed 2 days in a row
above $0.6649. Now we can say this Fibonacci Level is dead, too.
There are no more substantial levels than this until $1.03. If we
see touches above $0.7496, such as $0.76 or more, we can quickly
expect the $1.03 this week.This is not financial advice but my
expectation. Remember, XRP broke the multi-year (7) resistance of
$0.6649 in NOVEMBER 2024.” At press time, XRP traded at $0.7086.
Featured image created with DALL.E, chart from TradingView.com
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