XRP Price Nears End Of Consolidation On The Weekly Chart, Here's The Next Target
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After experiencing a period of tight price action , the XRP price has finally reached the end of its prolonged extended consolidation phase and appears ready for a major breakout . A crypto analyst recently shared a weekly chart, forecasting the altcoin's next move, which could drive it toward a new all-time high target .
XRP Price Eyes Next Bullish Target Above $4.3
The XRP price is showing signs of life again after a prolonged consolidation phase that followed its decline from recent highs. On the weekly chart, the price has been trading coiling within a narrow range, hinting at an imminent move upwards.
A technical analysis by crypto analyst Dark Defender on X (formerly Twitter) sheds light on the current price action and predicts how the cryptocurrency could reach a new all-time high above $4.3. According to the analyst, XRP is at the end of its consolidation and may be preparing to break free from a multi-week descending resistance trendline.
Dark Defender's weekly XRP chart outlines a 'possible move' scenario in which the price dips slightly to the $1.83 level, representing a 38.20% decline from its current market value. Following this brief price retracement , the altcoin is then expected to see a sharp reversal upward.
Source: Dark Defender on X
Notably, the $1.83 price point aligns with a key support level, which is a critical point for trend reversals . Based on the Dark Defender's analysis, such a dip would likely be a healthy shakeout that could position XRP for its next bullish breakout.
If the breakout plays out as expected, XRP could enter Wave 5 of its Elliott Wave cycle . This wave typically represents the final and most aggressive leg of a bullish trend. Following this setup, Dark Defender projects a potential target of $4.3 or higher, which would represent a 261.8% surge from the initial retracement level. With the token currently priced at $2.07, a move to $4.3 would also mark an impressive gain of approximately 107.7%.
Read More XRP To Flip Bitcoin This Cycle? Analyst Points To Major Bounce
Key Resistance And Support Levels To Watch
In his technical analysis, Dark Defender outlined key levels to watch out for as XRP nears the completion of its consolidation and gears up for its projected breakout. The first and second resistance levels , at $2.22 and $2.75, act as critical psychological barriers. A decisive break and close above these resistance points could support the analyst's bullish outlook.
The all-time high target of $4.3 also serves as a long-term resistance level. Once breached, the altcoin could potentially rise even higher, reaching new targets, as indicated by the trajectory of the green arrow on the weekly chart.
Moving forward, Dark Defender has identified two support levels for XRP . The $1.88 level acts as a short-term support, while $1.60 is seen as a deeper correction zone that could mark the final low before a potential reversal.
XRP trading at $2.09 on the 1D chart | Source: XRPUSDT on Tradingview.com
Featured image from Pixabay, chart from Tradingview.com
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