The recent XRP price action was highlighted by another notable increase, which saw it briefly touch back to just above $2.7 after a 9% rise on December 17th continues to show upward momentum on the daily time frame chart. Interestingly, popular crypto analyst and XRP advocate Dark Defender recently shared his insights on X. Highlighting important price levels This could pave the way for XRP price to rise to $5.85.
Breakout confirmed as XRP price hits $2.72
Dark Defender, known for its consistent bullish stance on XRP even during its extended bearish phase, pointed out the meaning the price level of $2.72, which acted as a support and bounce point. In a recent price outlook, he noted that XRP was following its predicted path so far, citing reaching a target of $2.72 that he shared two days earlier. This validation further strengthens his confidence in the current development of the token.
The significance of $2.72 becomes clearer given XRP’s breakout on December 15th from a downward resistance trendline that has been in play since December 3rd on the 4-hour chart. Following this breakout, XRP price rose to $2.72 before encountering rejection and starting a short-term decline that brings other key support levels to keep an eye on.
With this in mind, Dark Defender’s new technical analysis points to $2.42 and $2.52 next two notable support levels to keep an eye on. If the price breaks $2.52, $2.42 is expected to act as a key bounce point just above the downward resistance trendline, which could reignite bullish momentum. A rebound from $2.42 would set the stage for further upside towards higher resistance levels, according to the analyst.
Projected Rise to $5.85: Key Price Levels to Watch
The next stages in XRP’s rise lie in overcoming crucial resistance levels, according to Dark Defender. The first step would be to break the $2.72 level and retest the current high of $2.92 in 2024. A successful break above $2.92 would lead XRP to new price highs in over six years.
If the XRP price manages to break through the $2.92 mark, analyst a Rise safely towards $3.43 as an intermediate targetthis is the current all-time high price that has lasted for over seven years. From there, Dark Defender predicted continued bullish momentum that would propel the token to a long-term target of $5.85.
At the time of writing, XRP is trading at $2.51 and has a market cap of $144 billion. Reaching $5.85 would represent a 133% price increase and a market cap of $351 billion.
Featured image created with Dall.E, chart from Tradingview.com