The present value of  “Ripple” in USD is $0.511956, and its trading volume in the last 24 hours has been $911,532,795 USD. In the previous 24 hours, XRP has decreased by 2.20%. It is currently ranked #5 on CoinMarketCap, with a market capitalization of $27,293,598,890 USD.

There are presently 53,312,364,216 XRP coins in circulation, with a maximum supply of 100,000,000,000 XRP coins.

An expert in the field of cryptocurrency, who goes by the name “Dark Defender,” has made a prediction that XRP will experience a short-term increase in value and may reach $0.66 this week. This forecast is based on the analyst’s examination of XRP’s 1-day chart and analysis of recent price movements and technical indicators.

The analyst stated on Twitter that if XRP manages to remain above the $0.50 support level, the next Fibonacci level is set at exactly $0.6649 and a bullish movement towards $0.66 can be expected.

Exploring Ripple Price Analysis A Comprehensive Overview

On September 29, XRP’s chart displayed an upward breakout from an ascending triangle as reported by Dark Defender. The increase of 8% in XRP’s price was driven by the anticipation of market participants regarding Ripple’s Proper Party.

Even though there was no significant news, the XRP price remained above the trend line. Ascending triangles are usually interpreted as consolidation or continuation formations, indicating a potential continuation of the bullish trend of XRP.

Dark Defender mentioned that, historically, the cryptocurrency underwent a back-test for three days following the breakout, a process that the asset has confirmed so far. As per Dark Defender’s analysis, if the asset sustains above the $0.50 mark, it would successfully clear the back-test.

See also  Hut 8 Strategic Expansion: Eyeing Natural Gas Power and Bitcoin Facilities

Drawing a parallel to the past, the analyst pointed out that XRP experienced a similar price behaviour on July 13, which marked the release of the summary judgment in the lawsuit between Ripple Labs and the US Securities and Exchange Commission (SEC).

XRP/USD price chart – source: trading view

After XRP emerged from its consolidation phase, it triggered an almost 100% price rally. The Relative Strength Index (RSI) entered a cooling phase after a brief surge to 74 in late May. When the descending trend in RSI’s eventual upside break coincided with XRP’s significant rally, it was noteworthy.

According to Dark Defender, the recent chart behaviour indicates that the RSI’s extended trendline broke upward again last Friday. Although there wasn’t any significant news from Ripple, an RSI trendline back-test occurred recently. If confirmed, this could signal a surge towards the “next” Fibonacci level at $0.66, as mentioned by the analyst.

Revolutionizing Healthcare: The Future of AI in Medical Diagnosis

A tweet from Dark Defender on October 1st expressed positive sentiments about the XRP price trend, specifically highlighting its recent close with a doji candle pattern in September. According to Dark Defender, this is a good sign and he expects a re-test towards $0.66 in a few days.

He further suggests that if XRP breaks the $0.55 threshold, it will gain significant momentum and position itself above the weekly Ichimoku Clouds, which he views as a very bullish scenario. Currently,

See also  Interpol Tackling Crime in the Metaverse

XRP is trading at $0.50797, seeking support at the 38.2% Fibonacci retracement level at $0.5083 on the 4-hour chart after being rejected at the 23.6% Fibonacci retracement level at $0.5272.

Related News


Leave a Reply