Dark Defender, a notable market analyst, insists that XRP is likely to transcend the $3 psychological mark, suggesting run to greater heights.
The commentary comes as XRP struggles to fight off the bears at the $3 price mark amid the persistent uncertainty in the broader market. For context, XRP eventually reclaimed $3 on Jan. 15 for the first time since January 2018, soaring to a peak of $3.4 the next day before facing resistance.
This bullish development occurred on the back of an extensive run from XRP, which saw it rally from the $0.5 price level last November. During this bull phase, XRP successfully conquered the two psychological resistance levels of $1 and $2 within two weeks.
“$3 Will be History Forever”
Now that it has broken above $3, analysts like Dark Defender believe this level would also become history once the momentum resumes. In his latest commentary, Dark Defender shared a 4-hour chart showcasing XRP’s price movements since it claimed $3.4 and pulled back.
Notably, upon this pullback, the asset has continued to record lower highs, leading to the formation of a top descending trendline. XRP had persistently faced a roadblock around the resistance at this trendline, capping its bullish momentum, as the broader market navigates investor uncertainty.
With the resistance recently stationed at the $3.24 mark, XRP broke above it on Jan. 20, when it soared to a top price of $3.36. Dark Defender pointed out at the time that XRP had broken past this roadblock and retested it, suggesting that a bullish run could be on the horizon.
Should this run ensue, the analyst expects XRP to finally transcend the $3 psychological level. According to him, “$3 will be history forever.” The market commentator then presented a projection for XRP price if the bulls maintain the momentum.
XRP Targets $5.8
Data from his chart shows he sees XRP hitting a $5.8 price level, aligning with the Fibonacci extension level at 261.8%. Hitting this price region would see XRP breach the $4 psychological mark and bring XRP close to double its 2018 all-time high.
However, XRP has since invalidated the breakout above Dark Defender’s trendline, having recently dropped slightly to the $3.11 price amid broader market challenges. Nonetheless, a rebound could see it breach the trendline again.
At press time, XRP currently trades for $3.1198, down 0.85% over the past 24 hours and 5.49% in the last seven days. Notably, from the current level, the $5.8 target would only require an 86% increase. Last October, analyst EGRAG contented that XRP’s worst case scenario could see it hit $6 this bull run.