XRP Set to Break Daily Bull Flag, Analyst Predicts Explosive Rally to $5

Analyst Dark Defender foresees XRP completing its uptrend toward a 70% price surge to initially overcome the $0.66 resistance before a more explosive rally ahead.

In a recent post on X, analyst Dark Defender called attention to XRP’s movements over the 24-hour time frame. He noted that the asset is forming a daily bull flag, building momentum for a substantial breakout to the upside.

The accompanying image depicts how XRP has significantly recovered from the earlier bearish trend that forced it to revisit below $0.39, a nearly two-year low.

Daily Bull Flag. #XRP Ready to break. pic.twitter.com/a0d3LfpJXm

— Dark Defender (@DefendDark) July 28, 2024

XRP Ready to Break

Since July 8, XRP has maintained a steady uptrend. It initially reclaimed the $0.5 mark and subsequently reached a three-month high of $0.6366 on July 17. After its impressive comeback, XRP entered a period of price correction and consolidation. It traded within a narrow range of $0.59 to $0.62 over the past week.

Meanwhile, according to Dark Defender, a breakout from this pattern is now imminent. As of press time, XRP has surged to a new daily high of $0.6129, coinciding with Bitcoin’s upward momentum as it approaches the $70,000 mark.

Dark Defender foresees XRP extending its uptrend soon to mark a 70% surge from the recent bottom. According to him, XRP is poised to initially target $0.6649 before making a significant push towards the $1 range.

XRP Resistance Barriers

The analyst notes that the $0.66 level has been a stubborn barrier for XRP, but he expects the asset to overcome it during the anticipated breakout.

Additionally, Dark Defender previously identified a secondary resistance point at $0.87 in the 4-hour timeframe. However, he remains confident that these hurdles will be overcome in the near term.

Bullish Targets to Expect After Breaking Resistance0

Notably, the analyst has set his sights on more ambitious targets for XRP, including a short-term goal of $1.88.

Meanwhile, on a more extended scale, he targets $5.85 and $18, previously unseen levels for XRP. He believes successfully overtaking the identified barriers could open floodgates for these unprecedented price targets.

Other market observers share this optimistic view. Some have identified that XRP recapturing its previous ATH of $3.84 would completely “flip the switch,” creating the necessary momentum for more ambitious price discovery.

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