The renowned crypto analyst Dark Defender recently shared an update on the XRP/USD market outlook with his 108,000 followers on Twitter. According to his latest analysis, there is an imminent major price movement expected before the end of the current quarter, that is by the end of September. The chart shared by Dark Defender showcases a symmetrical triangle pattern, a typical continuation formation where converging support and resistance lines indicate decreasing market volatility and the potential for a significant breakout.
The chart labels the downward-sloping trendline as ‘Ultimate Resistance’, representing a significant price level that XRP has struggled to surpass in the past. On the other hand, the upwards trending line is denoted as ‘Ultimate Support’. In July, the XRP price dipped below the support line but found support at the 23.60% Fibonacci retracement level. Currently, the XRP price is heading north and has slightly crossed the trendline. The crucial test will come at the end of the quarter, on September 30, 2024, where a candle close above the trendline could pave the way for bullish price targets set by Dark Defender.
One of the immediate resistance levels identified is the 70.20% mark at $0.6649, a breach above which could confirm the bullish sentiment and signify an ‘ultimate breakout’ from the multi-year trend. Moving further, the 100.00% level at $0.9327 represents a full retracement of the previous decline that began after the Ripple vs. SEC case ruling in July last year. Additionally, the 161.80% level at $1.8817 offers a mid-range target for a post-breakout rally, indicating a substantial upside potential if the momentum continues.
Dark Defender’s analysis also highlights a more aggressive bullish outlook with the 261.80% level at $5.8579. This level outlines a scenario where market fundamentals and investor sentiment align to drive prices significantly higher. Lastly, the 361.80% level at $18.2364 represents the ‘ultimate breakout’ target, a highly optimistic projection requiring a major shift in market dynamics and potentially driven by impactful macroeconomic trends and news from the Ripple and XRP ecosystem. At the time of writing, XRP was trading at $0.5989.
Overall, Dark Defender’s analysis points towards an exciting period ahead for XRP traders, with the potential for a significant price movement looming by the end of September. The symmetrical triangle pattern on the chart signals decreasing market volatility and sets the stage for a breakout, presenting both upward and downward possibilities. With various price targets outlined, including immediate resistances and bullish targets, XRP could be gearing up for a substantial rally if it manages to break above key levels. Traders and investors will be closely monitoring the price action in the coming weeks to see if Dark Defender’s bullish projections come to fruition.
