In a significant development for XRP enthusiasts, the digital asset has finally managed to break free from a prolonged downtrend that has plagued its price since its drop from the $1.96 high back in April 2021. Renowned analyst Dark Defender, who first highlighted this bullish breakout, predicts that XRP is now gearing up for an impressive 576% rally, with a target price of $3.3. The recent breakthrough comes after a gruelling 777-day resistance that had kept XRP’s price rally attempts at bay.
#XRP has already broken the Downtrend
after 777 DaysSuper & Wave trends are #Bullish
We can still see $0.40, but this wouldn't affect the Bullish pattern
We're forming the cup pattern targeting $0.8917, $1.7396, & $3.3939 starting from August
We are Close#XRPArmy#Ripple pic.twitter.com/KY8SGPBIS8
— Dark Defender (@DefendDark) June 18, 2023
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The downtrend originally began with a correction in mid-April 2021 and had been a persistent obstacle to XRP’s upward momentum. Despite previous attempts in September and November 2021, which were thwarted by strong opposition, XRP remained below the downtrend throughout 2022 without any successful breakout efforts. In March 2023, during a solo run that propelled XRP to a high of $0.5850, another attempt was made but ultimately proved futile, as XRP fell back below the resistance level.
However, the last week of May brought a positive turn of events for XRP, as it closed with a noteworthy 11.18% surge, finally surpassing the downtrend. Since then, XRP has continued to trade above this significant level. Notably, Dark Defender has pointed out that XRP is now forming a cup pattern on the weekly charts, a bullish chart pattern characterized by a rounded bottom formation. This pattern often signals an uptrend following a breakout, adding further optimism to XRP’s potential.
Dark Defender Anticipates Bullish Breakout and Targets $3.3
While Dark Defender acknowledges the possibility of XRP potentially dropping to the $0.40 level, he reassures investors that such a decline would not invalidate the impending price uptrend. According to the analyst, XRP’s initial target in the upcoming rally is $0.8917, which would serve as a launching point for the second target at $1.7396. Subsequently, XRP would set its sights on the ultimate surge to $3.3, representing a remarkable 576% increase from its current value. Dark Defender predicts that this upward trend will likely commence in August.
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Despite XRP recently slipping below the psychological support level of $0.50 and struggling to reclaim it over the past few days, the asset has shown resilience. Following a drop to $0.4558 on June 16, XRP has recorded two consecutive daily winning sessions, bringing its current trading price to $0.4881.
XRP enthusiasts and market observers eagerly anticipate the potential rally ahead, as the digital asset breaks free from its longstanding downtrend and embraces newfound bullish momentum. With Dark Defender’s insightful analysis and projections, investors are keen to witness if XRP can deliver on its promising journey towards $3.3 and beyond.
[…] expectations for an XRP rally are closely tied to the outcome of the Ripple lawsuit. He predicts that as Bitcoin […]