- Following a Doji candlestick in September, analyst foresees a bullish trend for XRP with targets at $0.66, $1.88, and ultimately $5.85.
- Overcoming key resistance points is crucial for XRP’s stride towards these bullish targets, amid positive market sentiment.
Doji Indicator: A Prelude to Bullish Run?
The closing of September saw XRP presenting a Doji candlestick, a noteworthy event which has led cryptocurrency analyst Dark Defender to prognosticate a bullish trend for XRP. This pattern, characterized by identical opening and closing prices within a specific timeframe, denotes market indecision. Essentially, during the trading period, neither the bulls nor the bears took the helm.
Specifically, XRP commenced September at $0.5107 and concluded at $0.5148, marking a nominal 0.84% ascension, thus forming a Doji candle. The positive implication of a Doji lies in its placement; being bullish if the closing price towers above the candle’s midpoint, as was the case with XRP’s September closure. Dark Defender anticipates an upcoming re-test towards the $0.66 mark, with the breach past $0.55 being a critical juncture, as it would thrust XRP above the weekly Ichimoku Clouds, thereby furnishing substantial momentum.
Resistance Overcome: Pathway to New Peaks
The chronicle to this point hasn’t been a cakewalk. XRP transcended the initial resistance delineated by a green trendline from 2021, as it closed March at $0.5380, surging by 42% within that month. Post this breakthrough, it encountered the yellow resistance trendline at $0.91 in July, following a lawsuit triumph. The overcoming of this yellow resistance at $0.66 will unfurl the pathway towards $1.33.
Dark Defender’s diagram highlights $1.33 as a significant resistance point for XRP, depicted by a violet trendline that has been imposing since 2018.
Aiming for Uncharted Territory: $5.85
The analysis elucidates that upon surmounting the violet trendline and hitting the $1.8815 target, the stage is set for a new all-time high, with $5.85 being the initial target. This trajectory is supported by an upward red trendline since 2020, acting as a support level to deter further price descents.
At the reportage time, XRP trades at $0.5231, escalating by 1.32% in the last 24 hours. The projections for a bullish “Uptober” have set a positive tone for the month. However, achieving $5.85 from this junction necessitates a colossal 1,018% increase, setting a thrilling yet challenging venture ahead for XRP.