XRP is Currently Exhibiting Early Bullish Sentiments: Analyst

According to Dark Defender, a famous crypto analyst on X (formerly Twitter), XRP is in a bullish area with potential buy opportunities. In a recent post, the XRP analyst noted that at a current price of $0.49, XRP is ideal for a buy. However, Dark Defender noted that climbing above $0.52 remains challenging for the top altcoin.

Morning All. Hope you had a great weekend.#XRP in the daily time frame is still within our price range.

Above $0.52 – $0.55 is a challenge, first to break the Resistance & stay above the Ichimoku Clouds.

XRP is:

Bullish above $0.55 – $0.66
Extra Bullish between $0.66 -… pic.twitter.com/sUzeP6yW5U

— Dark Defender (@DefendDark) October 16, 2023

Dark Defender adopted a screenshot of the XRP/USD daily chart to explain his analysis. He described the various interest levels and offered distinctive descriptions of the crucial zones on the chart he shared. According to the analyst, above $0.55 to $0.66 leaves XRP in a bullish state.

Furthermore, Dark Defender noted that the top crypto token will have extra bullish sentiments if the price stays between $0.66 and $1.33. However, a move to $1.966 would see XRP targeting the current all-time high (ATH) and aiming for heights it has never reached.

Dark Defender’s shared chart contains a trendline from XRP’s July 13 closing price to the most recent local high at $0.548. The trendline extends through an Ichimoku Cloud indicator, above which the analyst considers it bullish. According to him, the region within the Ichimoku Cloud is significant for kickstarting the bullish movement. Dark Defender projects that XRP’s price would have to overcome the Ichimoku Cloud and stay above it to become bullish.

Also attached to the displayed chart is the Relative Strength Index (RSI) indicator, showing peaks and troughs that coincide with critical price points. From Dark Defender’s analysis, XRP’s price formed a double bottom that coincides with the low points on the RSI. However, the RSI indicator has broken above the corresponding trendline, showing an early signal that the price could follow suit ahead of an anticipated bull run.

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