Crypto analyst Dark Defender (@DefendDark) has updated his 108,000 X followers on the XRP/USD market outlook with a 3-month chart. In his latest analysis, he points to an imminent major price move before the end of this quarter, i.e. by the end of September.
XRP Price on the Verge of Final Breakout
The graph shared from Dark Defender illustrates a symmetrical triangle pattern, a typical continuation formation where converging support and resistance lines suggest decreasing market volatility and the potential for a significant breakout. This pattern is formed by the convergence of a downward sloping resistance line and an upward sloping support line.
In the case of XRP, the candles are compressing towards the apex of the triangle, suggesting that volatility is decreasing as market consensus gains strength. This setup is crucial because it implies that the price could make a substantial move once it breaks out of the triangle, either up or down.
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The chart labels the descending trendline as “Final Resistance.” This line represents a psychologically or historically significant price level that XRP has struggled to overcome in previous highs. On the contrary, the ascending trendline marks the ‘Final Support.’
Notably, XRP price previously fell below this support line in July but managed to find support at the 23.60% Fibonacci retracement level at $0.3917. XRP is now heading north.
At the time of creating the chart, the price was already slightly above the trendline. However, this does not mean anything yet; a candle close at the end of the quarter on September 30, 2024, will be the final challenge. If the XRP price closes above the trendline, the path will be clear for the extremely bearish market. upside price targets.
Price targets
The 70.20% mark at $0.6649 is considered an immediate resistance on an upward journey. A breach above this point could confirm the bullish sentiment. Furthermore, it could validate the “final breakout” of the multi-year trend.
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The 100.00% level at $0.9327 represents a complete retracement of the previous decline, which began in July of last year, after the summary judgment in the case of Ripple vs. U.S. Securities and Exchange Commission (SEC). Extending further into bullish territory, the 161.80% level at $1.8817 offers an intermediate target for a post-breakout recovery, suggesting substantial upside potential if momentum continues.
According to Dark Defender analysis, the 261.80% level at $5.8579 outlines a more aggressive bullish outlook, marking a scenario where market fundamentals and investor sentiment align to push prices significantly higher.
Finally, the 361.80% level at $18.2364 represents the “final breakout” target, a highly optimistic projection that would require a major shift in market dynamics, potentially driven by impactful macroeconomic trends and news from the Curling and XRP ecosystem.
At the time of writing, XRP was trading at $0.5989.
Featured image created with DALL·E, chart from TradingView.com