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Despite volatility in the market, Ripple (XRP) has undergone a bullish surge in the last 24 hours; its value has been fluctuating between $0.6129 and $0.5867 within the day. As of press time, it changed hands at $0.6068, showing a 1.40% rise from the intra-day low.
XRP/USD 1-day price chart (source: CoinMarketCap)
The cryptocurrency’s market cap rose by 1.40% to reach $33,940,499,466 while its volume increased by 11.99% to stand at $1,185,926,214.
According to Dark Defender’s tweet, XRP is being resisted at the price level of around $0.66, where it is currently playing a significant role, as it did before XRP made that historic move from around $0.33 to over $1.969.
Dark Defender’s view is backed up with an illustrative chart showing all prices related with XRP, indicating that most people doubt the possibility of this happening.
As per his words, without setting targets, Dark Defender seems to be alluding that breaking the resistance at $0.66 might spark a new upward move towards fresh ATHs.
XRP's price trajectory is significantly influenced by its ongoing legal battle with the U.S. Securities and Exchange Commission (SEC). This lawsuit has created uncertainty, affecting market sentiment and price performance.
Despite this, XRP maintains a strong following because of its use cases in the payment industry and the technological potential specifically associated with the RippleNet platform.
However, several developments in this case make XRP holders optimistic but leave their future uncertain, thus casting doubts about their price performance. The cryptocurrency market is highly volatile, driven by fundamental factors, technical analysis, and investor sentiment.
Dark Defender’s tweet underscores the role of sentiment in shaping price movements. Should investors become convinced that XRP can overcome the $0.66 resistance, buying pressure could increase, leading to price appreciation.
While the past performance of breaking the $0.33 resistance offers some precedent, it is crucial to remember that the cryptocurrency market is dynamic and influenced by various factors, including regulatory developments and technological advancements.
In addition other analysts have expressed a bullish sentiment for XRP. Another well-known Bitcoin analyst Flash predicts that its price can increase sharply, aiming to reach $587. This optimistic prognosis is based on a technical analysis of the token’s history and symmetrical triangle pattern formed on a weekly scale since 2021 high by Flash. He believes that subsequent breakouts from this pattern will be significant.
Meanwhile, Common Sense Crypto analysts expect XRP to surge 16500% and touch $100 by 2025. Factors behind the forecast include projected market expansion, tokenization of real-world assets on XRP Ledger as well as the outcome of the Ripple-SEC litigation which is expected soon.
Simultaneously, latest numbers from CryptoQuant show that whale flows into exchanges in XRP are going down. It seems whales might consider those conditions unfavorable for selling or possible future appreciation of their assets. Whales often hold assets when they believe in their long-term value.
