Market analyst Dark Defender suggests XRP is “exceptionally bullish,” urging market participants to sit back and relax.
According to Dark Defender, it is imperative that XRP holders ignore the ongoing FUD. For context, this FUD campaign comes on the back of broader market uncertainty that has capped XRP’s market uptrend at the $3 price region.
XRP Claims $3 But Faces Resistance
Upon starting the year 2025 at the $2.07 price, XRP kicked off with a boom, surging 11.87% to $2.3. However, this momentum cooled as the year progressed, leading to consolidation. Nonetheless, a breakout last week led to a push beyond the $3 mark for the first time since January 2018.
After hitting a peak of $3.4 on Bitstamp last Thursday, Jan. 16, 2025, XRP has since witnessed a mild pullback. This persistent market uncertainty has triggered FUD among investors. Amid the bearish sentiment, Dark Defender remains positive, citing XRP’s price movements on the weekly chart.
Notably, data from the chart confirms that XRP slipped into a brief descending channel after it hit $2.9 on Dec. 3, 2024. The resistance at this level sparked a massive correction, leading to three weeks of persistent declines, with XRP dropping 21.16% during this period.
“Sit Back, Relax”
Dark Defender’s chart shows that XRP eventually broke above this descending channel in the second week of the new year. This breakout paved the way for a more substantial uptrend, which resulted in the rally to $3.4 last week. Now, despite the mild pullback, Dark Defender believes the uptrend is still intact.
“Sit back, relax, and ignore the FUD,” he charged XRP investors, suggesting that the close of the current weekly candle would make XRP “exceptionally bullish.” When the uptrend resumes, the analyst sets a target around the $6 price mark, particularly at $5.8.
Interestingly, Dark Defender has persistently championed the XRP to $5.8 narrative over the past few months. Last September, he called attention to XRP’s symmetrical triangle on the 3-month timeframe, predicting that the altcoin could break out to a price target of $5.8.
At the time, XRP traded for $0.53, requiring a 994% increase to claim the $5.8 mark. However, with XRP currently changing hands at $3.07, it now needs to rally by a mere 89% to reach $5.8. Market analyst EGRAG also asserted that XRP’s worst-case scenario could see it claim $6 this bull run.
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.
