The price of XRP continues to consolidate above the $0.50 support level, and a crypto analyst has suggested that the token has the potential for further upside if it breaches several resistance marks.
Based on the token’s technical analysis, the analyst, Dark Defender, suggested in an X post on May 26 that XRP is on the brink of breaking through a critical resistance zone. This breakthrough could trigger a substantial price surge.
In making the prediction, the analyst focused on the Heikin Ashi Candles combined with the Fisher Indicator. He explained that this method effectively identifies trends by analyzing highs, lows, and opening and closing prices over a specified time frame.
Picks for you
According to the expert, combining these indicators provides a smoother trend direction, making it easier to predict potential market movements. Based on his chart analysis, the analyst pointed out that XRP’s challenging zone lies between $0.6044 and $0.6649.
Key technical indicators to watch
Dark Defender emphasized that once the weekly candle closes above $0.6649, XRP will gain much stronger momentum, allowing it to move toward higher Fibonacci levels.
“Based on the Heikin Ashi Candles & Fisher Indicator, one of my favourites, indicates the trend shift clearly on the weekly time frame.<…> Once the weekly candle closes above $0.6649, XRP will be much stronger. <…> We are in Grand Wave 3, and XRP will make extraordinary moves above $0.6049,” the expert said.
To substantiate his analysis, Dark Defender pointed to the Ichimoku Clouds, confirming the Fibonacci levels within the identified resistance range. Notably, the Ichimoku Cloud is a technical indicator that can assess potential future price movements and identify key support and resistance levels.
It’s worth noting that XRP remains at the center of the crypto market, with the token failing to make any substantial price movement. Since losing the $0.60 support, the token continues to hover above $0.50. Notably, XRP investors seek an opportunity to aid the token’s rally to the coveted $1 mark.
In the meantime, XRP is facing long-term bullish sentiments that could positively influence its price. For instance, following the Securities and Exchange Commission’s (SEC) approval of an Ethereum (ETH) spot exchange-traded fund (ETF), speculation is rife that a similar product might receive the green light for XRP, with experts projecting it could happen in 2025.
At the same time, investors closely watch the ongoing legal proceedings between Ripple and the SEC. A ruling in favor of the blockchain firm could act as a bullish catalyst for XRP.
Additionally, optimism about the case emerged after Coinbase announced that the crypto exchange had relisted the digital token for its clients in New York. Coinbase removed the token from its US markets in 2021 due to a lawsuit. Therefore, XRP could rally as Coinbase’s move may renew investors’ optimism and confidence in the asset.
XRP price analysis
By press time, XRP was trading at $0.53 with daily losses of about 0.23%, while the weekly timeframe indicates gains of about 2.5%.
Despite the extended consolidation of XRP, the token’s bullish momentum has remained steady. The stability above $0.50 hints at a possible surge to the $0.60 mark soon, a level that could pave the way toward $1.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
