XRP’s recent price action was highlighted by another notable surge that saw it briefly reach above $2.7 again after a 9% surge on December 17. Although XRP’s price declined immediately after reaching this level, continues to show momentum on the daily time chart. Interestingly, popular crypto analyst and XRP advocate Dark Defender recently shared his insights on X, to highlight important value levels which could pave the way for the XRP price to rise to $5.85.
Breakout Confirmed As XRP Price Hits $2.72
Dark Defender, known for its consistent position on XRP even during its long bearish period, he expressed the importance of the $2.72 price level, which served as a support and bounce point. In a recent price watch, he noted that XRP has been following his predicted trajectory, citing the achievement of the $2.72 target he shared two days earlier. This confirmation further strengthens his confidence in the token’s current trajectory.
The importance of $2.72 becomes even more evident when considering XRP’s breakout on December 15 from the descending resistance line that has been in play since December 3 on the 4-hour chart. After this explosion, the price of XRP rallied to touch $ 2.72 before facing rejection and began a temporary decline that brings into focus some important support levels to stay alert.
With this in mind, Dark Defender’s new analysis points to $2.42 and $2.52 as follows. There are two notable support levels to watch. If the price breaks the $2.52 level, $2.42 is expected to act as a critical bounce point just above the descending resistance line that could dominate bullish momentum. A rebound from $2.42, in the analyst’s view, will set the stage for another upward move to higher resistance levels.
Expected to Rise to $5.85: Key Price Levels to Watch
The next stages of XRP’s rise, according to Dark Defender, lie in overcoming key resistance levels. The first step would be to break above $2.72 and retest its current 2024 level of $2.92. A successful break above $2.92 will open XRP to new price increases within six years.
If the price of XRP can successfully cross the $2.92 mark, the analyst predicts a be sure to move up to $3.43 as an intermediate targetwhich is its current high that has lasted for more than seven years. From there, Dark Defender predicted a bullish continuation that will propel the token to the long-term target of $5.85.
At the time of writing, XRP is trading at $2.51 with a market cap of 144 billion. Reaching $5.85 would translate to a 133% price increase and a market cap of $351 billion.
The featured image was created with Dall.E, a chart from Tradingview.com
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