Analyst Expect Solid Strikes for XRP with $5.85 Target

A technical analyst believes XRP could be engineering another explosive rally amid a recent breakout, targeting $5.85 in the coming weeks.

XRP saw a notable surge on March 11, with its value skyrocketing by over 20%. In particular, the asset climbed from approximately $0.61 to surpass a new yearly high above $0.7440.

This rapid surge in XRP’s value was particularly noteworthy as it unfolded within a mere four-hour window, contrasting with its previously lackluster performance.

Moreover, XRP’s shocking price rally propelled it to become a top gainer in the market on Monday evening. Nonetheless, following this surge, XRP experienced a corrective pullback.

Yet, it maintains a notable 13% surge in its seven-day performance. With its current value at $0.69, XRP continues to trade at levels last seen in 2023. Amid this development, prominent analysts such as Dark Defender have issued an update on their XRP target for this bull season.

XRP Now Closer to $1.35 Target

In a recent post on X, Dark Defender highlighted that the March 11 breakout occurred just as expected. He noted that XRP’s candlestick patterns on the 30-day timeframe had flashed the much-awaited bullish signal.

Hi all. #XRP had the break-out yesterday, as we expected.

In the Monthly Time Frame, it is obvious the move has #started.

The huge Resistance of $0.6649 is broken in the Daily, & #confirmed

$0.6649 will be Confirmed for the Weekly & Monthly Frames.

Our targets are closer… pic.twitter.com/pgSJmfT0s6

— Dark Defender (@DefendDark) March 12, 2024

Furthermore, the analyst emphasized that the 20% surge has enabled XRP to surpass the stern resistance level of around $0.6649, which is now confirmed by the asset’s daily timeframe. Dark Defender suggested that what remains now is confirmation of XRP’s weekly and monthly timeframes.

Accordingly, the analyst contends that XRP is now closer than ever to reaching its mid-resistance target of $1.33. Given its current market value, achieving this $1.33 target would imply another imminent 90% rally. He urged XRP holders to anticipate this significant move soon.

$5.85 in the Coming Weeks

Furthermore, Dark Defender has set even higher targets for XRP in this bull season, aiming for $5.85 “in the upcoming weeks.” Achieving this extraordinary price level would demand a bullish rally of 747% from XRP’s current market value of $0.69.

Meanwhile, Dark Defender is not the only prominent crypto analyst foreseeing XRP rallying more than 747% soon to $5.85. Analyst DustyBC has pointed out that XRP is now breaking a 6.5-year downtrend following the recent surge. In parallel, market watcher Mikybull remarked that XRP is set for the $6 target.

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