XRP closed September with a doji candlestick, leading crypto analyst Dark Defender to project looming bullishness, with possible targets at $0.66, $1.33, $1.88, and $5.85.
A doji candlestick pattern often signals indecision in the market. It forms when the opening price and the closing price of an asset within a given timeframe are identical. This signals that neither the bulls nor the bears gained full control during the trading period.
Notably, XRP opened September at $0.5107 and closed the month at $0.5148, marking a meager 0.84% increase, which has resulted in the formation of a doji candle. In his latest XRP analysis, crypto analyst Dark Defender views this doji candle as a positive sign. Doji candle is bullish if the closing price is above the middle of the candle, as in this case of XRP September closing.
He anticipates a re-test towards the $0.66 mark in the coming days. To him, breaking past the $0.55 level is significant, as it would provide XRP with substantial momentum. This is because it would position XRP above the weekly Ichimoku Clouds.
Resistance Points for XRP
The journey to this point has been challenging. XRP previously achieved a breakthrough by surpassing the initial resistance represented by a green trendline that started in 2021. This breakout occurred as XRP closed March at $0.5380, increasing by 42% that month.
After overcoming this initial resistance, XRP faced the yellow resistance trendline at $0.91 when it soared in July upon the lawsuit victory. XRP will breach this yellow resistance trendline when it conquers $0.66. Once this occurs, the path opens up for XRP to aim for $1.33.
According to Dark Defender’s chart, the $1.33 mark is the major resistance point for XRP. This resistance sits on a violet trendline that has exerted significant pressure on XRP since 2018.
New ATH at $5.85
Dark Defender’s analysis suggests that once XRP successfully conquers this violet trendline and reaches the $1.8815 target, it could pave the way for a new all-time high. The analyst projects $5.85 as his initial target for a new ATH.
The chart reveals a lower upward red trendline acting as a support level for XRP since 2020. This support has played a pivotal role in preventing further price drops for XRP.
Notably, XRP is trading for $0.5231 at the time of reporting, up 1.32% over the last 24 hours. Amid the prospects of a bullish “Uptober,” XRP has started the month on a good note. However, hitting $5.85 from this point would require a massive 1,018% increase.
DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
