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Crypto Analyst Highlights Why XRP Price Is Ready For Takeoff
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Crypto Analyst Highlights Why XRP Price Is Ready For Takeoff

Jake Simmons
Jake Simmons
1 year ago
3 mins read
XRP price

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In a technical analysis, crypto analyst Dark Defender has provided a bullish perspective on the XRP price action, indicating that the cryptocurrency is on the cusp of a potential breakout. The analysis presented is based on a daily chart that encapsulates several advanced technical indicators and theories.

Why A XRP Price Breakout Is Imminent

The core of Dark Defender’s analysis is the completion of a five-wave corrective structure, as posited by Elliott Wave Theory. This theory suggests that markets move in repetitive cycles, with the five-wave pattern indicating a correction following a larger trend.

In XRP’s case, the waves numbered (1) to (5) illustrate a complete correction within a larger bullish context. The implication is that the completion of this pattern could lead to the start of an impulsive, upward wave sequence.

XRP price analysis
XRP price analysis | Source: X @DefendDark

Dark Defender points to the critical support level at $0.4623, a value derived from Fibonacci retracement analysis. Fibonacci retracements are based on the idea that markets will retrace a predictable portion of a move, after which they will continue to move in the original direction. The $0.4623 level appears to be a strong area of buyer interest, representing a potential reversal zone.

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On the resistance side, two levels are highlighted. The first is set at $0.5286, which is the 50% retracement level from the previous high. This price point acts as an interim hurdle for XRP’s price, serving as a barometer for short-term sentiment. A more significant resistance is noted at the 70.2% Fibonacci level of $0.6649. A break above this level could be a strong indication of bullish momentum and may attract further buying interest.

The chart also incorporates the Ichimoku Cloud, which is currently acting as dynamic resistance. The Ichimoku Cloud is a multifaceted indicator that provides information on support and resistance, trend direction, momentum, and buy or sell signals. A decisive breakout above the cloud would suggest a change in trend favoring the bulls.

Remarkably, the Ichimoku Cloud aligns with a descending trend line (red line). A break above both indicators could spell strong bullish momentum.

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Another compelling aspect of the analysis is the RSI breakout and subsequent retest. The RSI is a momentum oscillator used to identify overbought or oversold conditions. In XRP’s case, the RSI had previously been in a downtrend, indicating persistent selling pressure. However, the recent ‘break and back test’ pattern in the RSI, where the price breaks through a resistance level and then retests it as support, demonstrates a potential shift in momentum from bearish to bullish.

Dark Defender’s analysis indicates that the combination of a completed corrective structure, a supportive RSI movement, and the challenge of key Fibonacci levels suggests that XRP is primed for an upward trajectory. His closing statement, “And come on, XRP, it is time for you to Move!” encapsulates the anticipation of a bullish phase for XRP in the near future.

At press time, XRP traded at $0.50261.

XRP price
XRP price, 1-day chart | Source: XRPUSD on TradingView.com
Featured image created with DALL·E, chart from TradingView.com
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Jake Simmons
Jake Simmons

Jake Simmons

Jake Simmons, a dedicated crypto journalist, has been passionate about Bitcoin since 2016 when he first learned about it. Through his extensive work with NewsBTC.com and Bitcoinist.com, Jake has become a trusted voice in the crypto community, guiding newcomers and seasoned enthusiasts alike towards a deeper understanding of this dynamic field.

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His mission is simple yet profound: to demystify Bitcoin and cryptocurrencies and make them accessible to everyone.
With a professional career in the Bitcoin and crypto scene that began right after graduating with a degree in Information Systems in 2017, Jake has immersed himself in the industry. Jake joined the NewsBTC Group in late 2022. His educational background provides him with the technical prowess and analytical skills necessary to dissect complex topics and present them in an understandable format. Whether you are a casual reader curious about Bitcoin or an investor seeking to navigate the latest market trends, Jake’s insights offer valuable perspectives that bridge the gap between complex technology and everyday usage.

Jake is not just a reporter on technological trends; he is a firm believer in the transformative potential of Bitcoin over traditional fiat currencies. To him, the current financial system is on the brink of chaos, propelled by unchecked government actions and flawed Keynesian economic policies. Drawing from the principles of the Austrian school of economics, Jake views Bitcoin not merely as a digital asset but as a crucial step towards rectifying a failing monetary system. His libertarian views reinforce his stance that just as the church was separated from the state, so too should money be freed from governmental control.

For Jake, Bitcoin represents more than just an investment; it's a peaceful revolution. He envisions a future where Bitcoin fosters a sustainable and responsible financial framework for generations to come. His advocacy is not about opposition but about evolution, about laying the groundwork for a system that prioritizes transparency and equity over secrecy and inequality.

As a journalist, Jake’s articles are crafted with the precision of a scholar and the passion of a true believer. He provides not only news but also thoughtful analysis that connects the dots between daily developments and larger economic theories. His work is a beacon for those lost in the technical jargon often associated with crypto discussions, illuminating the practical implications and benefits of these technologies.

In summary, Jake Simmons is not just reporting on a revolution; he wants to be part of it, fully committed to enhancing public understanding and adoption of Bitcoin and cryptocurrencies. His work is more than just a collection of articles; it’s a resource, a guide, and a companion for anyone ready to explore the potential of this digital frontier. Whether you are taking your first steps into crypto or are a veteran looking to stay on top of the latest trends, Jake’s insights provide clarity and foresight in an often unpredictable industry. Join him on this journey to reshape the world of finance, one post at a time.

You can engage with his latest takes on Twitter: @realJakeSimmons.

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Reason to trust

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