A crypto analyst has predicted a massive 2,900% increase to $18 for the XRP price, the native token of the XRP Ledger. Despite previous bearish sentiment and price declines, the analyst maintains an optimistic outlook on XRP’s potential, outlining an ambitious timeline for this dramatic rise in value.
In an X (formerly Twitter) post on July 29, a crypto analyst identified as ‘DarkDefender’ shared a bullish projection for when XRP will hit $18 in 2024. The analyst provided an update on XRP’s price based on a three-month candle pattern from July to September 2024.
From his analysis, Dark Defender foresees XRP’s price reaching an ambitious price target of $18, increasing by 2,900% within the aforementioned time period. He has rooted his bullish predictions on a key technical pattern found within the XRP price chart.
In his chart depicting XRP’s price from 2014 to 2026, Dark Defender pinpointed a unique symmetrical triangle pattern, formed when two trend lines converge. Typically, the symmetrical triangle pattern indicates decreasing market volatility and signals the potential for an imminent breakout in the price of a cryptocurrency.
In his price chart, Dark Defender has labeled the downward sloping trendline as the “Ultimate Resistance,” and the upward sloping trendline as the “Ultimate Support.” According to the analyst, XRP’s price fell below this support line, but maintained support at the 23.60% Fibonacci retracement level of $0.3917.
The 70.20% Fibonacci level at $0.6649 is seen as an immediate resistance, which could signal a bullish trend if XRP breaks above this level. The 100.0% Fibonacci level at $0.9327 represents a complete recovery in the cryptocurrency from past declines.
Dark Defender also shared his mid range target of $1.8817, at the 161.80% Fibonacci level. According to the analyst, this level suggests a possibility for a post break out rally in XRP, indicating strong potential for further bullish upsides in the cryptocurrency.
Additionally, the 261.80% Fibonacci level at $5.879, suggests a powerful bullish scenario backed by significant market support. At the crux of his analysis, Dark Defender indicated the 361.80% Fibonacci level at $18.2364 as the most optimistic target for XRP. It’s important to note that a price increase to this level requires significant market changes and a complete recovery from bearish sentiments.
Including Dark Defender, other crypto analysts have remained bullish on XRP’s price outlook. Despite its past price volatility and the ongoing legal dispute between Ripple and the United States Securities and Exchange Commission (SEC), many analysts consider XRP’s current price of $0.64 to be a pivotal resistance level that could be broken.
Crypto analyst, Javon Marks announced that XRP has officially broken out of a massive 2,351 days of resistance. As a result, he anticipates an imminent price increase for the cryptocurrency, unveiling an ambitious target of $150 and a 21,000% climb.
Featured image created with Dall.E, chart from Tradingview.com
Descrease article font size Increase article font size Minden Hills, Ont. has officially ended its…
Since the 2019 ETF Rule, asset managers have flooded the market with active ETFs, offering…
The Panama Canal has emerged as the latest maritime flashpoint, with the United States and…
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure Ripple has…
Ontario Premier Doug Ford is headlining an “exclusive members only” event at a private club…
As the Ford government moves to allow more public alcohol consumption, after expanding beer and…