Ripple (XRP) Price Action Hints at Only One Direction: Analyst Reveals Timeline for 'Extraordinary Breakout'
- DDDOriginal
- 2024-10-12 09:42:131079browse
Dark Defender (@DefendDark) shared insights regarding the price action of XRP, emphasizing a pivotal moment for the cryptocurrency.
A closely followed crypto analyst is predicting big things for XRP in the coming months, revealing his price targets and unveiling a pivotal moment that could lead to an ‘extraordinary breakout.'
The pseudonymous analyst known as Dark Defender (@DefendDark on Twitter) shares his insights on XRP’s price action, revealing a crucial juncture for the cryptocurrency. According to the analyst, XRP has managed to close the last three monthly candles above the initial support level, signaling a key bullish signal.
Now forming is the new three-month candle (covering October, November, and December), suggesting that the conditions are ripe for the breaking out, expecting an extraordinary breakout.
Key Observations from Dark Defender’s XRP Price Chart
The chart presented by Dark Defender showcases a triangle pattern formed by converging trendlines. The upper trendline, representing resistance, extends from the 2018 high, while the lower trendline, indicating support, corresponds to the mid-2020 low. XRP has been confined within this triangular structure since its peak in 2018 and is nearing a critical breakout point.
The focus is on the candle from July to September, which closed above the initial resistance line at approximately $0.6649. Despite this achievement, XRP remains below more significant resistance levels. The upcoming October-November-December candle is noted as crucial for determining the next major price movement, with the potential for a breakout from the triangle.
Several important Fibonacci retracement levels are plotted by Dark Defender, including:
23.6% retracement at about $1.391
70.7% retracement at $0.6649, which currently acts as both resistance and support
Higher targets include the 161.8% Fibonacci extension near $1.8815 and the 261.8% extension around $5.8653. A breakout from the triangle could position XRP to test these Fibonacci levels.
Impending XRP Price Breakout
The new three-month candle is “ready,” Dark Defender asserts, indicating that the time for a breakout is now. The phrase “no space anymore” suggests that XRP has reached a juncture where significant price movement is likely, signaling the end of the sideways consolidation within the triangle.
While the closure of the July-September candle above the initial resistance line is a bullish development, this move occurred in relative “silence,” without significant momentum. The upcoming candle could act as a catalyst for larger price movements as XRP continues to compress within the triangle.
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