XRP is currently attracting attention in the cryptocurrency market due to a significant surge, briefly surpassing $2.7 after a strong 9% increase. Despite facing a minor rejection at this level, the digital asset continues to show strong bullish momentum, leading analysts to predict further upward price movement. Dark Defender, a prominent XRP analyst, is one of the most vocal supporters of this bullish sentiment, outlining key price levels that could trigger a substantial rise, potentially pushing the token to a price target of $5.85.
Key Support Level: $2.72
According to Dark Defender’s technical analysis, the $2.72 mark is a critical support level for XRP, playing a crucial role in its recent price action. This level has proven to be a key bounce point for the cryptocurrency. Dark Defender observes that XRP’s price trajectory has closely followed the analyst’s predictions, with the token reaching the $2.72 target. This confirmation of the price forecast strongly supports the idea that XRP could continue its upward trend, provided it can maintain or surpass this key level.
The breakout from a downward-sloping resistance trendline on the chart, which had been in place since early December, further enhances the bullish outlook for XRP. After breaking out from this trendline, the price surged to reach the $2.72 level before experiencing a temporary decline. This price action indicates that the next crucial levels to monitor are support points that could trigger additional bullish movement if the token consolidates or rebounds from these zones.
Critical Support Zones: $2.42 and $2.52
Looking ahead, Dark Defender identifies $2.42 and $2.52 as the next major support levels for XRP. If the price drops to the $2.42 zone and shows signs of bouncing back, this could revive buying pressure and assist the cryptocurrency in resuming its bullish movement. A successful rebound from this level could propel XRP towards higher price levels, with $2.52 serving as the initial significant resistance to overcome.
The analyst cautions that the $2.52 level will be a crucial point to monitor. If XRP manages to stay above this level, it is likely to progress towards its next resistance target, further reinforcing the ongoing bullish trend. These levels offer a roadmap for XRP’s potential price advancement in the short term.
Surge to $5.85
In terms of XRP’s long-term price outlook, Dark Defender predicts that if the altcoin can surpass several critical resistance levels, it could eventually reach $5.85. The first step towards this significant surge is breaking above the $2.72 level and then retesting the 2024 high of $2.92. A sustained breakout beyond this point would pave the way for XRP to achieve levels not seen in over six years. The next major target would be $3.43, XRP’s all-time high, which has remained strong for over seven years.
Subsequently, Dark Defender anticipates that XRP could continue its upward trajectory, with the price moving towards $5.85. This represents an impressive 133% increase from its current trading price of around $2.51, potentially pushing its market capitalization to a significant $351 billion, well above its current $144 billion market cap.
Conclusion
XRP’s recent price movements underscore its potential for substantial growth. Despite encountering resistance at key levels, the overall outlook remains positive. If XRP can uphold its support levels and surpass upcoming resistance zones, it could be primed for a remarkable ascent. With key targets like $2.72 and $2.92 serving as significant milestones, the coming months could be crucial for XRP’s price trajectory. Achieving the long-term target of $5.85 would signify a major milestone in its journey, positioning it as one of the most intriguing assets to watch in the cryptocurrency market.
