Dark

Resistance

<p>The XRP price has risen by around 6% in the past three days, triggering renewed optimism among investors and analysts. The two analysts Dark Defender and Egrag see the current trend as a turning point.</p> 
<h2 id="xrp-price-correction-over">XRP Price Correction Over?</h2> 
<p>Dark Defender has <a href="https://twitter.com/DefendDark/status/1725938430486401266" target="_blank" rel="noopener nofollow">highlighted</a> a key development in the 4-hour time frame, observing the end of a corrective structure and identifying that XRP has reached an oversold area. “We can expect a move to $0.6649 first,” Dark Defender stated, referencing the Fibonacci retracement levels and a 5 Wave Elliott structure that remains intact, suggesting upward potential.</p> 
<p>This is supported by the chart that shows XRP has managed to close above a critical level at $0.6131, which aligns with the Elliott Wave Theory’s rules for wave structures. The analyst further emphasized that the $0.87-$1.05 price target is still achievable in the near term if weekly closes maintain above the $0.6131 threshold.</p> 
<img loading="lazy" decoding="async" class="wp-image-561467 size-full" src="https://www.newsbtc.com/wp-content/uploads/2023/11/dark-defender.jpg?resize=1366%2C768" alt="XRP price analysis" width="1366" height="768" srcset="https://www.newsbtc.com/wp-content/uploads/2023/11/dark-defender.jpg?resize=1366%2C768?w=1366 1366w, https://www.newsbtc.com/wp-content/uploads/2023/11/dark-defender.jpg?resize=1366%2C768?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2023/11/dark-defender.jpg?resize=1366%2C768?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2023/11/dark-defender.jpg?resize=1366%2C768?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2023/11/dark-defender.jpg?resize=1366%2C768?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2023/11/dark-defender.jpg?resize=1366%2C768?w=1140 1140w" sizes="(max-width: 1000px) 100vw, 1000px" data-recalc-dims="1"> 
<p>Egrag’s analysis <a href="https://twitter.com/egragcrypto/status/1726494793813959017" target="_blank" rel="noopener nofollow">focuses</a> on the gaussian channel and a symmetrical triangle pattern (in the 5-day chart), which are indicative of consolidating markets leading to a potential breakout. According to Egrag, “XRP Gaussian Channel &amp; Symmetrical Triangle Unveil (Strong Support and Resistance Patterns): Within the framework of the Gaussian Channel, the alignment of support and resistance price targets mirrors other charts, adding weight to their significance.”</p> 
<p>The provided chart by Egrag points to a “robust support” at $0.50, with additional support levels at $0.54-$0.55 (“support range”) and $0.60 (“support threshold”). The resistance levels are identified by Egrag at a macro resistance point and a symmetrical triangle trend line between $0.83 and $0.85. Egrag advises the XRP community to remain steadfast, saying, “XRP Army STAY STEADY, anticipate the forthcoming mega pump, yet exercise caution by strategically allocating portions of your holdings.”</p> 
<img loading="lazy" decoding="async" class="wp-image-561468 size-full" src="https://www.newsbtc.com/wp-content/uploads/2023/11/egrag.jpg?resize=1281%2C557" alt="XRP price analysis" width="1281" height="557" srcset="https://www.newsbtc.com/wp-content/uploads/2023/11/egrag.jpg?resize=1281%2C557?w=1281 1281w, https://www.newsbtc.com/wp-content/uploads/2023/11/egrag.jpg?resize=1281%2C557?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2023/11/egrag.jpg?resize=1281%2C557?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2023/11/egrag.jpg?resize=1281%2C557?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2023/11/egrag.jpg?resize=1281%2C557?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2023/11/egrag.jpg?resize=1281%2C557?w=1140 1140w" sizes="(max-width: 1000px) 100vw, 1000px" data-recalc-dims="1"> 
<p>Combining these technical analyses, it’s clear that both analysts are pinpointing a convergence of technical indicators suggesting a bullish reversal for XRP. Dark Defender’s chart analysis, with its emphasis on Elliott Wave continuation, and Egrag’s identification of Gaussian Channel patterns, both point to a potential increase in the price, provided it remains above certain support levels.</p> 
<h2 id="price-analysis-1-day-chart">Price Analysis: 1-Day Chart</h2> 
<p>The analysis of the 1-day chart of XRP using the Fibonacci retracement level shows that the price is facing strong resistance in the short term.</p> 
<p>At the current price of $0.6194, XRP is just below the 0.382 Fibonacci retracement level at $0.627 and below the 20-day Exponential Moving Average (EMA) at $0.625. The confluence of these two indicators represents significant resistance in the short term. Remarkably, XRP has received important support at the 50-day EMA at $0.591, which could allow the bulls to regain the upper hand.</p> 
<p>For this to happen, however, resistance at $0.625 needs to be broken. The next price targets could then be the 0.5 Fibonacci retracement level at $0.688 and the 0.618 Fibonacci retracement level at $0.759, which abruptly halted the upward movement that began in early October and ushered in the current consolidation.</p> 
<img loading="lazy" decoding="async" class="wp-image-561469 size-full" src="https://www.newsbtc.com/wp-content/uploads/2023/11/XRPUSD_2023-11-20_08-39-52.png?resize=3628%2C1673" alt="XRP price" width="3628" height="1673" srcset="https://www.newsbtc.com/wp-content/uploads/2023/11/XRPUSD_2023-11-20_08-39-52.png?resize=3628%2C1673?w=3628 3628w, https://www.newsbtc.com/wp-content/uploads/2023/11/XRPUSD_2023-11-20_08-39-52.png?resize=3628%2C1673?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2023/11/XRPUSD_2023-11-20_08-39-52.png?resize=3628%2C1673?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2023/11/XRPUSD_2023-11-20_08-39-52.png?resize=3628%2C1673?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2023/11/XRPUSD_2023-11-20_08-39-52.png?resize=3628%2C1673?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2023/11/XRPUSD_2023-11-20_08-39-52.png?resize=3628%2C1673?w=2048 2048w, https://www.newsbtc.com/wp-content/uploads/2023/11/XRPUSD_2023-11-20_08-39-52.png?resize=3628%2C1673?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2023/11/XRPUSD_2023-11-20_08-39-52.png?resize=3628%2C1673?w=1140 1140w, https://www.newsbtc.com/wp-content/uploads/2023/11/XRPUSD_2023-11-20_08-39-52.png?resize=3628%2C1673?w=3000 3000w" sizes="(max-width: 1000px) 100vw, 1000px" data-recalc-dims="1">

XRP Price Correction Is Over, Targets Set By Top Crypto Analysts

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