XRP has experienced a notable price resurgence at some point, reaching $0.64, although the token continues to consolidate below $0.70.
However, it has largely failed to generate significant movement that would propel it towards the $1 mark, a level anticipated by the market.
In an effort to forecast the next price movement, crypto analyst by the pseudonym Dark Defender shared insights on XRP’s potential trajectory in an X (formerly Twitter) post on April 10.
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According to the analysis, XRP has exhibited notable behavior in relation to Fibonacci levels and has been oscillating between $0.6044 and $0.6649.
Of particular significance is the fact that XRP closed above the $0.6044 level for three consecutive days, indicating a potential surge towards the upper boundary of $0.6649, which the expert considers as the primary level for upward movement.
XRP poised for bullish move
Additionally, Dark Defender pointed out a bullish signal from the MACD (Moving Average Convergence Divergence) indicator, which has turned green. This further bolsters the case for an upward movement in XRP’s price.
Looking ahead, the market expert projected that XRP is poised to break through the $0.6649 resistance level and sustain its momentum above the Ichimoku Clouds, a technical analysis tool that provides insights into the direction, momentum, and potential support and resistance levels.
Furthermore, should XRP successfully breach the $0.6649 resistance, the analyst sets sights on $0.9327 and then $1. These levels represent significant psychological milestones and could attract increased investor interest and trading activity.
“XRP is expected to break $0.6649, stay above the Ichimoku Clouds and continue the uptrend. The main support now is $0.6044. Above $0.6649, targets are $0.9327 & $1,” the expert said.
XRP awaits significant breakout
It’s worth noting that XRP has largely failed to trade in tandem with the overall market sentiment, as it struggles to align with other assets such as Bitcoin (BTC). This scenario has placed XRP in jeopardy of losing its position in the cryptocurrency market rankings based on market capitalization.
At one point, the token faced the looming threat of being overtaken by the meme cryptocurrency Dogecoin (DOGE).
Indeed, reaching the $1 mark would be pivotal, opening the door for further gains. However, it’s important to recognize that the price movement is heavily influenced by the ongoing legal battle between the Securities and Exchange Commission (SEC) and Ripple.
Meanwhile, by press time, XRP price today was trading at $0.608, having rallied about 0.5% on the daily chart, while in the last seven days, the token has been up 1.5%.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
