XRP Will Make History: XRP Heading Towards Most significant Milestone

Crypto analyst and enthusiast Dark Defender recently shared an in-depth technical analysis of XRP’s potential price movement on Twitter, illustrating a path toward significant price levels.

In his tweet, he highlighted XRP’s recent bounce off key support levels and its position in relation to the Ichimoku Clouds on a weekly chart, referencing a classic Elliott Wave structure to forecast future price action.

With the RSI (Relative Strength Index) developments, he projects XRP to hit $1.88 and then $5.85, calling it the most significant milestone.

Hey there, all! $XRP bounced back from our blue support level and touched the Ichimoku Weekly Clouds.

We are still in alignment with the 5-Wave Structure. The weekly RSI is about to signal a golden cross.

With this golden cross and above Ichimoku Clouds, where $0.6649 stands,… pic.twitter.com/7qPgfKuBjq

— Dark Defender (@DefendDark) November 7, 2024

Overview of Key Support and Resistance Levels

The chart shared by Dark Defender marks a well-defined range of support and resistance zones for XRP. The cryptocurrency is trading just above the blue support trendline, which has provided a strong foundation since early 2022. XRP bounced back from this blue support level, indicating a strong response from buyers at this critical point.

Dark Defender also points out that XRP has repeatedly attempted to break through an overhead orange resistance line, which has constrained price growth since July 2023.

This zone, coupled with the Ichimoku Cloud formation, represents an important resistance the token needs to overcome for any viable bullish movement. Specifically, he notes the $0.6649 price level, where a clear break could catalyze XRP to continue its upward journey.

Ichimoku Cloud Analysis and Significance

Dark Defender’s analysis focuses on XRP’s interaction with the Ichimoku Clouds, a popular indicator in technical analysis that provides insight into future support, resistance, and momentum.

In this case, the token has approached the lower edge of the weekly Ichimoku Cloud, where $0.6649 serves as a key level. According to his view, movement above this level would mark a critical milestone that could signal the beginning of an extended bullish phase for XRP .

The Ichimoku Cloud serves as an indicator of market momentum and trend direction. A successful breakout above the Cloud suggests that XRP might move out of a consolidation phase, allowing it to gain stronger bullish momentum. This level signifies immediate resistance and aligns with the projection for a historical upward movement.

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The 5-Wave Elliott Structure and Long-Term Price Targets

In the shared analysis, Dark Defender references a 5-wave Elliott Wave structure, a technical model commonly used to analyze long-term trends based on crowd psychology and price momentum. According to this wave count, XRP appears to be moving, in tandem, with an anticipated upward cycle.

Dark Defender’s chart suggests that the digital asset is in the early stages of a third wave, traditionally seen as the strongest bullish phase in Elliott Wave theory. Should XRP maintain this path, the projected targets lie at $1.88 and ultimately $5.85, levels identified by Fibonacci extensions on the chart.

This ambitious $5.85 target corresponds to a 261.8% Fibonacci extension, a level often used by technical analysts to predict the end of a major uptrend wave. While this level is far from current trading prices, the projection aligns with, previous, historical patterns in cryptocurrency market cycles where assets have experienced rapid, parabolic rises during their bullish phases.

RSI Indications and Potential for a Golden Cross

The RSI on XRP’s weekly chart currently hovers in a range that indicates neither overbought nor oversold conditions. However, the analyst draws attention to an imminent “golden cross” signal, which would occur when a short-term RSI moving average crosses above a long-term RSI moving average.

While this crossover has not yet occurred, Dark Defender’s analysis emphasizes that this indicator could align with other bullish signals to strengthen the case for an upward breakout.

Challenges Ahead

Despite the bullish projections , XRP must overcome hurdles before reaching these ambitious price levels. The orange resistance trendline and the Ichimoku Cloud represent significant obstacles in the near term.

Additionally, for the Elliott Wave structure to remain valid, the token must avoid a breakdown below the blue support level, as this would invalidate the current bullish wave count and potentially lead to a reassessment of future targets.

Dark Defender’s analysis emphasizes that XRP’s journey to $1.88 and $5.85 will rely on sustained bullish momentum, supported by favorable technical indicators like the golden cross in RSI and a break above Ichimoku resistance.

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.

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