Crypto enthusiasts holding onto their XRP coins are finding a glimmer of hope as Dark Defender, a crypto analyst, shares an optimistic forecast on the XRP price. Concerns about the token’s underperformance and potential manipulation have been circulating in the community.
Dark Defender took to his platform, X, to share a compelling analysis, predicting a mammoth surge that could see XRP reach $18. The analyst highlighted the significance of the $0.6 price level, emphasizing its crucial role in determining an upward trend for XRP.
Examining the monthly chart, Dark Defender noted that XRP currently stands above the $0.6 level, setting the stage for a potential move toward $1. Targets of $0.88 and $1.05 were deemed “achievable shortly” based on his analysis.
The bullish momentum, however, faces hurdles, with Dark Defender identifying a strong resistance at $1.08. Breaking past this resistance, he exclaimed, would be a game-changer, leading to what he described as a “Kaboom” moment. The analyst projected a potential climb to $18.22 in the short mid-term, anticipating a challenging journey with resistance at $1.08.
Will XRP Sustain Confidence Amidst Growing Community Frustration?
Despite the optimistic outlook, a growing frustration within the XRP community is evident. Influencer Chloe expressed discontent with XRP’s price decline, stating she had “sold it all” in a recent post. Legal expert Bill Morgan also questioned XRP’s underperformance despite regulatory clarity, emphasizing the need for a better explanation.
The XRP price currently hovers at $0.61, facing a bearish engulfing candle on the daily chart. However, a long wick keeps hopes alive for a potential reversal in the coming days or hours.
As XRP attempts a recovery, challenges lie ahead. A failure to rechallenge the $0.70 mark and the formation of a lower high suggest a precarious situation. The altcoin’s fate remains uncertain, with market conditions playing a crucial role in determining whether it can sustain confidence in a bullish breakout.