XRP’s recent rally above $0.5 prompts anticipation of a potential 210.64% surge, with key support at $0.52 and $0.46.
XRP recently engineered a significant rally to break a two-month high, trading above $0.56. The asset’s cumulative one-week performance stands substantially above 16%. Amid XRP’s praiseworthy gains in recent weeks, analysts have projected potential new targets for the coin based on patterns formed on the XRP chart.
In a recent tweet, renowned XRP analyst Dark Defender suggested XRP enthusiasts could witness a parabolic rise. According to the analyst, XRP’s path from the current $0.5547 is between two pivotal support and resistance points.
Specifically, Dark Defender identified $0.66 and $0.52 as the resistance and support levels for XRP. According to the analyst, “It won’t be a surprise to see $0.66 shortly.”
Next XRP Support and Resistance Targets
Meanwhile, Dark Defender highlighted other support and resistance points that lurk around the $0.66 and $0.52 targets. The prominent chartist first argued that things could get much worse if XRP loses strength to break below the $0.52 support. He projected a much lower support level at $0.46.
However, where XRP bulls gain the upper hand to push it above $0.66, which represents the analyst’s most optimistic scenario, he argued the asset would be breaking the much-coveted $1 mark.
In particular, Dark Defender noted that XRP would have the next resistance at $1.88. Interestingly, he projected a potential 210.64% increase from $1.88 should XRP bulls surmount the $1.88 resistance. In his view, XRP investors can expect the digital asset to trade near $6, with the next formidable point being $5.85.
Notably, Dark Defender reached these conclusions not based on whims or impulse. His tweet included an XRP market chart that captured the tokens’ weekly trajectory since 2021. It indicated that the candle stick patterns formed prior to the July high are reemerging.
In other words, XRP could be engineering a similarly bullish trajectory between 2024 and 2025, with the highlighted price points acting as support and resistance.
Besides, Dark Defender is not the only prominent analyst forecasting a bullish 2024 for XRP. As The Crypto Basic has reported, experts are becoming unanimous about XRP breaking above $1 in the coming bull market.
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.
