A prominent crypto analyst in the industry is maintaining a positive outlook on XRP Ledger’s native token, XRP, foreseeing the emergence of multiple “God candles” that could propel the cryptocurrency into a significant bullish rally.
Breaking Resistance Could Trigger God Candles
In a recent post on X (formerly Twitter) on June 14, the crypto analyst known as ‘Dark Defender’ provided an in-depth analysis of the technical indicators and resistance levels that could indicate a bullish uptrend for XRP. The analyst noted a strong bullish reversal for the Fisher Indicator on the weekly chart.
The Fisher Indicator is a valuable tool used to identify trend reversals and extreme price movements. According to Dark Defender, XRP has successfully broken through an initial price resistance at $0.04623, signaling strength and momentum in the cryptocurrency’s price action.
Examining a price chart illustrating XRP’s movements, the analyst revealed that the altcoin is currently testing interim Fibonacci levels at $0.5286. There is optimistic sentiment regarding XRP closing above the $0.53 price mark for the week, with expectations set on testing secondary mid-level resistance points at $0.6044 to further boost upward momentum.
Moreover, Dark Defender predicts the potential for God candles to materialize if XRP surpasses all resistance levels, highlighting a crucial support level at $0.6649 as a key threshold for a strong bullish surge in XRP. This could lead to significant price increases and pave the way for what the analyst describes as “Heaven’s Stairway.”
Update On XRP Price Analysis
Despite facing legal challenges with the United States Securities and Exchange Commission (SEC) and enduring market fluctuations, XRP has shown robust bullish signals and sound price fundamentals. Earlier this year, the cryptocurrency faced a price drop below $0.5, catching many off guard.
However, recent bullish surges have propelled XRP’s price to $0.538, marking nearly a 30% increase over the past week and a further 1.41% rise in the last 24 hours, as reported by CoinMarketCap. Despite market uncertainties, XRP’s resilient performance positions it favorably to potentially breach the $0.6 threshold.
With the Ripple vs. SEC legal battle reaching a conclusion and a settlement looming, XRP is expected to overcome regulatory concerns that have dampened market sentiment. Investors and traders are closely monitoring developments as the cryptocurrency gears up for potential growth in the near future.
