Renowned crypto analyst \u201cDark Defender\u201d has forecasted a short-term bullish motion for the XRP worth, with expectations that the cryptocurrency would possibly hit the $0.66 mark this week. Sharing his insights on Twitter, the analyst referenced XRP\u2019s 1-day chart, highlighting current worth dynamics and key technical indicators.<\/p>\n
\u201cHi there. XRP in the daily chart broke the initial resistance & back-tested it. We had a similar move on 13-Jul-23. The next Fibonacci level stands at exactly $0.6649. If we don\u2019t see XRP below $0.50 support, we expect to hit $0.66 this week,\u201d the analyst tweeted<\/a>.<\/p>\n The chart offered by Dark Defender exhibits that on September 29, XRP skilled an upward breakout from an ascending triangle. The XRP worth enhance by 8% was pushed by market contributors\u2019 expectations of Ripple\u2019s Proper Party<\/a>. Although \u201cmajor news\u201d didn’t materialize, the value of XRP nonetheless managed to remain above the development line.<\/p>\n Historically, ascending triangles are thought of continuation or consolidation formations, indicating a possible resumption of the earlier development following a short interval of consolidation. Given XRP\u2019s upward trajectory since January, this breakout suggests the doable continuation of its bullish development.<\/p>\n As Dark Defender highlights, the cryptocurrency underwent a back-test over the following three days, a course of the crypto asset has up to now confirmed. If the asset sustains above the $0.50 mark, it will efficiently clear the back-test as per Dark Defender\u2019s evaluation.<\/p>\n Drawing a parallel to the previous, Dark Defender identified an analogous worth habits on July 13. That day marked the discharge of the summary judgment<\/a> within the lawsuit between Ripple Labs and the US Securities and Exchange Commission (SEC).<\/p>\n Amid this backdrop, XRP broke out of its consolidation section, triggering an nearly 100% worth rally. Remarkably, the Relative Strength Index (RSI) entered a cooling section after a short surge to 74 in late May. The eventual upside break of this descending development in RSI coincided with XRP\u2019s important rally.<\/p>\n Observing the current chart habits, Dark Defender famous that the RSI\u2019s prolonged trendline was as soon as once more damaged upwards final Friday. Although there wasn\u2019t a major information catalyst from Ripple to push XRP\u2019s worth dramatically, an RSI trendline back-test occurred in current days. If that is confirmed, it might sign a surge towards the \u201cnext\u201d Fibonacci stage at $0.66 as talked about by the analyst.<\/p>\n Dark Defender, in a tweet from October 1, expressed<\/a> optimism in regards to the XRP worth trajectory, particularly highlighting its current shut with a doji candle sample in September. He remarked, \u201cXRP closed the September candle with a doji. I take this positive, as always, and expect a re-test towards $0.66 in a couple of days.\u201d<\/p>\n Expanding on this commentary, Dark Defender means that if XRP breaks the $0.55 threshold, it’s going to achieve important momentum. This is as a result of asset probably positioning itself above the weekly Ichimoku Clouds, a state of affairs he views as very bullish. Following this, he anticipates:<\/p>\n [\u2026] We proceed with the second resistance at $0.91 (Yellow Resistance) shall be damaged above $0.66, and XRP will instantly proceed with $1.33. Above $1.8815 (In Violet :)), we are going to focus on \u2013> New All-Time High, presumably at $5.85 at first!<\/strong><\/p>\n<\/blockquote>\n At press time, XRP traded at $0.50797. After the value was rejected on the 23.6% Fibonacci retracement stage at $0.5272, the cryptocurrency is now searching for help on the 38.2% Fibonacci retracement stage at $0.5083 on the 4-hour chart.<\/p>\n Featured picture from Top1 Markets, chart from TradingView.com<\/p>\n<\/p><\/div>\n![\"XRP](\"https:\/\/www.newsbtc.com\/wp-content\/uploads\/2023\/10\/F7cm_wcXAAAZxDo.jpg?resize=1366%2C768\")
A Deep Dive Into The XRP Price Analysis<\/h2>\n
Long-Term Price Targets<\/h2>\n
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![\"XRP](\"https:\/\/www.newsbtc.com\/wp-content\/uploads\/2023\/10\/F7WNgGdWsAAeA1t.jpg?resize=1366%2C768\")
![\"XRP](\"https:\/\/www.newsbtc.com\/wp-content\/uploads\/2023\/10\/XRPUSD_2023-10-03_09-15-53.png?resize=3628%2C1672\")