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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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