- Emerging from a Dip: XRP, amidst a recovery phase, is gauged for potential resistance and support levels by leading analyst Dark Defender.
- Brighter Horizons: The daily wave trend of XRP paints a promising picture, with green signals dominating the chart.
Charting XRP’s Price Trajectory
With XRP striving to make up for its recent decline, expert eyes are scrutinizing every tick and tock of its price. Dark Defender, a renowned analyst in the crypto realm, has spotlighted pivotal resistance and support markers for investors and enthusiasts to heed.
In the face of the recovery efforts, XRP’s daily chart signals a heartening trend – the dominant green of its daily wave trend augurs well for hopefuls.
Crucial Price Benchmarks
Dark Defender pins XRP’s immediate support at $0.52886. Given its current trading price of $0.5276, XRP languishes slightly below this benchmark, having relinquished some of the previous day’s gains. Despite a promising morning start reaching peaks of $0.5368, XRP has since been on a descending trajectory, unsettling the aforementioned support. Should this trend persist, the next safety net stands at $0.39169.
Daily #XRP Wave Trend Signals Green.#Targets:
R: $0.60442, $0.66492 short term#Supports:
S: $0.52862, $0.39169
Above $0.93, we will hit $1.33 first then $1.88. pic.twitter.com/DpH38yojOJ
— Dark Defender (@DefendDark) August 23, 2023
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However, should momentum shift favorably, Dark Defender charts the next significant resistance at $0.60442 – a peak that has eluded XRP for over a week. Traversing beyond this would set the sights on a $0.66492 target, earmarked as a short-term goal.
Peering further down the road, the sentiment remains bullish. Dark Defender envisages an XRP price that not only matches the dollar but exceeds it. Following the favorable ruling from Judge Analisa Torres in July, which saw XRP peak at $0.9380, the analyst predicts a primary goal of $1.33 upon breaking the $0.93 resistance. An advance past $1.33 might fuel a rally to $1.88, translating to a stunning 258% ascent from its current position.
XRP’s Current Financial Landscape
A review of XRP’s recent history reveals its struggle to maintain the pivotal $0.60 mark. This psychological support was breached on August 15, culminating in a plunge to $0.4226 just two days later. Although there was a modest rebound, the prevailing sentiment leaned bearish.
As of now, amidst market-induced recovery efforts, XRP aims to regain its previous standings. Yet, a note of caution prevails, given the unpredictability of the full extent of this resurgence.
Trading at $0.5276, XRP is experiencing a 0.47 dip over the past day, with a cumulative 9% decline over the week. Notably, it stands above the 200-day EMA ($0.5255) but remains shy of the 50-day EMA ($0.5966). A sagging daily RSI and its position beneath the 50-day EMA reflect bearish undertones. With the RSI hovering at 35, XRP flirts with oversold domains, hinting at a potential trend shift on the horizon.
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