XRP Poised for Reversal Against Bitcoin, Analyst Predicts
Prominent crypto analyst Dark Defender (@DefendDark) sees signs of a potential reversal for XRP against industry leader Bitcoin. His analysis, based on the weekly timeframe chart for the XRP/BTC pair, suggests a bullish shift in momentum for XRP.
Golden Cross on the Horizon
Dark Defender points to the formation of a Golden Cross on the Relative Strength Index (RSI) for XRP/BTC. The RSI, a technical indicator for measuring price momentum, shows a bullish signal when the short-term RSI crosses above the long-term RSI. This Golden Cross suggests a potential reversal from a bearish to a bullish trend for XRP relative to Bitcoin.
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This technical indicator, combined with Dark Defender’s analysis, suggests Bitcoin’s dominance in the cryptocurrency market might wane. Bitcoin market dominance refers to the percentage of the total market capitalization held by Bitcoin. A decline in dominance would indicate altcoins like XRP are starting to outperform Bitcoin. This aligns with a similar prediction made by another analyst, EGRAG CRYPTO (@egragcrypto), based on the XRP Dominance chart.
Price Targets and Support Levels
Dark Defender outlines potential price targets for XRP/BTC in the short term. The first target zone falls between $0.5286 and $0.6649, representing an upside of 8.12% to 35.99% from XRP’s current price of $0.4889. Additionally, he identifies $0.4623 as a potential support level, acting as a possible buying zone if the price dips.
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A Word of Caution
While technical analysis is a popular tool, it’s important to remember it’s not a foolproof predictor of future prices. Market sentiment and unforeseen events can significantly impact cryptocurrency prices. Dark Defender himself acknowledges the very short-term nature of his prediction, suggesting XRP may or may not reach his targets quickly.
Community Concerns Addressed
An XRP user questioned Dark Defender’s revised price target, which dropped from dollars to cents. Previously, Dark Defender predicted XRP would climb to $1.88, potentially triggering a further rally to $18. This shift caused some community anxiety.
The analyst clarified his stance, emphasizing that $1.88 and $18 remain short mid-term targets following his initial very short-term target of $0.6649. If XRP can reach this initial target, it could pave the way for the historic rally the community eagerly anticipates.
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Dr. Olajide Samuel juggles the demands of medical studies with a passion for cryptocurrency. A seasoned blogger, Olajide shares his vast global knowledge of the crypto space, offering insights to enthusiasts. Despite his busy schedule, his commitment to crypto remains strong, and he actively seeks ways to contribute to its future.
