A prominent cryptocurrency analyst known as Dark Defender has made a bullish prediction regarding the price of XRP, the native token of the XRP Ledger.
According to Dark Defender, XRP could potentially experience a significant surge of up to 32% in the coming week, pushing its price to $0.66.
This prediction is based on technical analysis and the cryptocurrency's current chart patterns.
Hi there.#XRP in the daily chart broke the initial resistance & back-tested it.
— Dark Defender (@DefendDark) October 2, 2023
We had a similar move on 13-Jul-23.
The next Fibonacci level stands at exactly $0.6649.
If we don't see XRP below $0.50 support, we expect to hit $0.66 this week.
Cheers!#Ripple #XRPCommunity… pic.twitter.com/GSuMx4LxFr
Dark Defender, who commands a substantial following of nearly 100,000 on X (formerly Twitter), pointed out that XRP recently broke through its initial resistance level, displaying a pattern reminiscent of a similar move observed in mid-July.
The analyst highlighted that the next key level for XRP to target is precisely at $0.6649, which aligns with a Fibonacci retracement level.
What is Fibonacci indicator
Fibonacci retracement levels are crucial tools for traders, indicating potential support and resistance areas on a price chart.
These levels are based on specific percentages of the previous price movement and are derived from the Fibonacci sequence, a mathematical pattern seen in various aspects of nature and finance.
Traders rely on these retracement levels to identify optimal entry and exit points for their trades, as well as to set stop-loss and take-profit orders.
Additionally, some analysts have compared XRP's recent price behavior to that of other digital assets, particularly noting its sideways trading pattern.
These analysts believe that XRP may soon experience a breakout, similar to what has occurred with other digital assets like MakerDAO's $MKR.
Disclaimer: The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading cryptoassets comes with a risk of financial loss.
