Analyst Says XRP Will Make Extraordinary Moves Above $0.6049, Here’s The Target
The post Analyst Says XRP Will Make Extraordinary Moves Above $0.6049, Here’s The Target appeared on BitcoinEthereumNews.com.
Despite witnessing price declines, a crypto analyst has predicted that XRP is set to break through critical resistance to new highs. The analyst has highlighted several technical indicators that signal a potential trend shift for XRP. XRP Set To Witness Bullish Rally In a recent X (formerly Twitter) post, a crypto analyst identified as ‘Dark Defender’ shed light on XRP’s price movements, unveiling a combination of technical indicators that suggest an imminent bull rally for the cryptocurrency. Basing his analysis on the Heikin Ashi Candles and the Fisher Indicator, Dark Defender, explained that the connection between these two technical indicators often signals a trend shift on a weekly time frame. He further clarified that by combining the Heikin Ashi Candles and the Fisher Indicator, it is easier to identify trends by examining highs and lows as well as opening and closing prices in a given time frame. In making his prediction for XRP, the analyst shared a price chart depicting XRP’s price movements from 2023 to the end of 2024. He revealed a critical support zone between $0.6044 and $0.6649, which XRP will have to break through to experience a price surge. Source: X In his chart the analyst revealed a price target of $1.8816 between July and September, emphasizing that the cryptocurrency would have to skyrocket by 161.8% to reach this price. The analyst believes that XRP is on track to make “extraordinary moves above $0.6049.” For this to happen, Dark Defender has stated that XRP will also have to close its weekly candle above $0.6649. He revealed another major technical indicator, the Ichimoku Clouds, highlighting that this indicator substantiates the critical Fibonacci levels that fall between the aforementioned critical support zones. Interestingly a dark red trend resistance line which can be seen on the price chart intersects between…
Filed under: News - @ May 28, 2024 1:14 am