The recent analysis of XRP by Dark Defender (@DefendDark), a well-known crypto analyst on X, has caught the attention of the market. His latest observation is focused on the price action of XRP on a three-month (quarterly) timeframe, emphasizing the significance of the current Oct-Nov-Dec quarter for the asset.
According to Dark Defender, XRP closed its previous quarterly candle above its initial support level without significant fanfare, but this subtle development could be a prelude to something more significant.
XRP’s Prolonged Consolidation
In Dark Defender’s chart, XRP appears poised for a major breakout. The price has been consolidating in a narrowing wedge formation for a long time. The asset’s price has been trading within this structure, defined by resistance at the top and support at the bottom, marked by sloping trendlines.
This narrowing price range often precedes a breakout when price action breaks free from the compression zone, and it could either go upward or downward. Dark Defender is confident that the coming breakout will send the price upward, as he recently set a $36 target for the digital asset.
We are on twitter, follow us to connect with us :- @TimesTabloid1
— TimesTabloid (@TimesTabloid1) July 15, 2023
Key Levels for XRP to Surpass
His chart shows that the candle for the Jul-Aug-Sep quarter closed above the initial resistance level but still below a key price threshold of $0.6649. This could signify growing strength within the digital asset’s price action, albeit without drawing too much attention from the market. According to Dark Defender, the breakout is expected to occur soon, and the start of this new quarter (Oct-Nov-Dec) is considered a critical period.
Notably, the $0.6649 level is the 70.20% Fibonacci retracement level. The digital asset is positioned just below this level, and Fibonacci levels are an important technical indicator often used to identify potential support or resistance zones.
A breakthrough above this level could open the door for XRP to reach significantly higher prices. The next Fibonacci levels are 161.80% and 261.80% at prices of $1.8815 and $5.8563, respectively. These are potential future price targets if the breakout occurs to the upside.
Dark Defender pointed out that there is “no space anymore,” indicating that XRP’s price will likely be forced to choose a direction, and the likelihood of a sharp move increases as time passes. Dark Defender has reiterated the $1.88 and $5.85 targets multiple times, reinforcing the belief that the digital asset will experience a surge following its breakout.
Disclaimer: This content is meant to inform and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not represent Times Tabloid’s opinion. Readers are urged to do in-depth research before making any investment decisions. Any action taken by the reader is strictly at their own risk. Times Tabloid is not responsible for any financial losses.
Follow us on Twitter , Facebook , Telegram , and Google News
