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Crypto Analyst Highlights Why XRP Price Is Ready For Takeoff

XRP price analysis

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 | 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.

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.

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…

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