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$XRP is among the notable gainers in the crypto market after the token’s sustainability was questioned following a plunge below the $0.5 support zone.
Based on its recent trajectory, crypto analyst Dark Defender has suggested that the token’s technical indicators point to extreme bullishness, signaling a potential breakout.
In an X post on July 14, the analysis began with a confirmation of a highly bullish reversal for $XRP, marked by the weekly approval of the Fisher Indicator. This signal often indicates a significant shift in market sentiment, suggesting a potential rally in the coming weeks.
One of the critical highlights of Dark Defender’s analysis is the immediate breaking of the initial resistance at $0.4623. This breakout is crucial as it begins a potential upward movement.
The analyst pointed out that $XRP is testing the interim Fibonacci level at $0.5286. This level is significant, as closing the weekly candle above $0.53 could pave the way for upward momentum.
The analysis further predicted that $XRP will likely test the secondary mid-level resistance of $0.6044 this week, a price mark termed the “path to Heaven’s Stairway.”
“It’s crucial not to underestimate the master fundamental level for $XRP, which is $0.6649. Above it, we can expect multiple God Candles, which will open the path to Heaven’s Stairway,” the analyst said.
$XRP regains momentum
It’s worth noting that $XRP deviated from the general market sentiment after breaching the $0.50 resistance level over the past week. Notably, at some point, the token rallied past the $0.55 mark for the first time since mid-May.
The gains coincided with the first anniversary of $XRP being declared not a security in the ongoing legal battle between Ripple and the United States Securities Exchange Commission (SEC). The move offered $XRP some regulatory clarity, but the crypto failed to build on this status, consolidating below the $1 mark.
Indeed, the court case remains a key element in the next price trajectory of $XRP, with a positive outcome for Ripple potentially spelling possible bullish sentiments for the token.
$XRP price analysis
At the time of reporting, $XRP was valued at $0.53, with daily losses of less than 0.1% in the last 24 hours. In the weekly timeframe, $XRP has rallied by over 23%. Notably, the $XRP has seen an increase in volume in mid-2024, suggesting renewed buying interest and potential for further upside.
Overall, with the recent gains, $XRP has entered a critical juncture. If sustained, the recent price increase and resistance testing around $0.60 could lead to further bullish momentum. Key levels to watch include maintaining support above $0.50 and breaking through the $0.60 resistance.
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