Coin Edition -
- XRP must surpass key resistance to maintain bullish momentum, analysts emphasize.
- Momentum indicators show mixed signals, with potential for short-term price cooling.
- Regulatory optimism grows as pro-crypto leadership boosts confidence in XRP’s future.
XRP is primed for a rally in the ongoing market cycle, with critical levels traders should monitor closely, according to crypto analyst Dark Defender. Using Elliott Wave theory, the analyst highlighted potential interim targets and support levels that could shape XRP’s trajectory.Dark Defender highlighted the importance of key Fibonacci levels in XRP’s price trajectory. His analysis revealed that XRP hit $2.9092, narrowly missing the $2.9202 Fibonacci level.
Read also: XRP Exploding Soon? Technical Analysis Points to $200 Target (NYSE:)The analyst indicated that XRP must exceed $2.92 to reach the next mid-target of $3.9993. Failure to do so could push the asset toward support levels at $2.1322 or $1.8815, where price consolidation might occur.
XRP Faces Resistance at Fibonacci Levels
On his X account, Dark Defender charted XRP’s performance, marking the 261.80% Fibonacci extension level as a key resistance point. This level aligned with a price retracement, signaling a temporary pause in the rally.
Source: X
Additionally, support at $1.63 was identified as a potential rebound zone if downward pressure continues.
Momentum Indicators Show Mixed Signals
Technical indicators suggest a mixed outlook for XRP’s performance. The RSI currently stands at 73.50, signaling overbought conditions. While this reflects strong buying interest, it also increases the likelihood of a short-term correction to stabilize momentum.
Source: TradingView
Moreover, the MACD indicator remains positive, with the MACD line above the signal line. This bullish crossover points to continued upward momentum despite overbought conditions.
XRP Sentiment Boosted by Regulatory Developments
Market sentiment surrounding XRP received a boost following the nomination of Paul Atkins as the next U.S. SEC chair by President-elect Donald Trump.
