Rally

Dark

Resistance

In his latest technical outlook, crypto analyst Dark Defender has <a href="https://twitter.com/DefendDark/status/1751892499356958723" target="_blank" rel="noopener nofollow">highlighted</a> the key takeaways for XRP amid recent price action. Since hitting a yearly high of $0.64 on January 3, the XRP price has dropped -18.8%, leaving it at risk of further downside before the bulls could take over. 
<h2 id="xrp-price-set-for-final-dip">XRP Price Set For Final Dip?</h2> 
According to the provided daily XRP/USD chart, the price closed below the significant level of $0.5286. As a result, the RSI has been “forced to stay below the Resistance Trend Line,” implying that bears are currently in control, exerting downward pressure on the price. 
<img loading="lazy" decoding="async" class="wp-image-572143 size-full" src="https://www.newsbtc.com/wp-content/uploads/2024/01/GE_3YCRXkAAT6Lp.jpg?resize=1366%2C768" alt="XRP price analysis" width="1366" height="768" srcset="https://www.newsbtc.com/wp-content/uploads/2024/01/GE_3YCRXkAAT6Lp.jpg?resize=1366%2C768?w=1366 1366w, https://www.newsbtc.com/wp-content/uploads/2024/01/GE_3YCRXkAAT6Lp.jpg?resize=1366%2C768?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/01/GE_3YCRXkAAT6Lp.jpg?resize=1366%2C768?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/01/GE_3YCRXkAAT6Lp.jpg?resize=1366%2C768?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2024/01/GE_3YCRXkAAT6Lp.jpg?resize=1366%2C768?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2024/01/GE_3YCRXkAAT6Lp.jpg?resize=1366%2C768?w=1140 1140w" sizes="(max-width: 1000px) 100vw, 1000px" data-recalc-dims="1"> 
Remarkably, the price has been in a symmetrical triangle formation since November last year, which is considered a bullish continuation pattern. The XRP price has already been rejected three times at the descending resistance line. In tandem, the RSI on the 1-day chart has also formed a descending trend line. Each time the price was rejected at the resistance line, there was also a rejection of the RSI at the trend line. 
Yesterday, Sunday, it looked as if XRP could break above the rising trend line of the RSI, and the price could follow suit and start another attempt to break out of the symmetrical triangle. Dark Defender wrote: 
<blockquote>
 XRP moved towards $0.52-$0.53 as we expected. The target area was $0.5286 and XRP closed just above that level yesterday and had a break on the RSI. This is a great sign for XRP shortly to try the $0.60 Resistance […] But of course, will be more than happy to see XRP breaking $0.6649 first &amp; proceed with the initial Fibonacci Target of Wave 3 at $1.88.
</blockquote> 
However, this game plan was invalidated as XRP closed below $0.5286 and the RSI trend line. Now, the analyst identifies two key support levels, the trend support at $0.5085 and the Fibonacci support at $0.4623. These levels are now considered pivotal as XRP trades under the $0.53 threshold. 
Dark Defender emphasizes the importance of these supports: “So, $0.5085 &amp; $0.4623 supports become more important now.” 
The daily RSI indicator also suggests that XRP is in the oversold region, which typically indicates that the asset may be undervalued and could possibly reverse to the upside. However, the analyst cautions that the “weekly frame trumps the daily,” suggesting that longer time frames may influence the asset’s price more significantly. “The more XRP stays below $0.52, the more support becomes prominent,” he added. 
Looking forward, Dark Defender anticipates a potential “wick below these levels to complete this exasperating correction” and hints at an eventual recovery, with expectations set towards “<a href="https://www.newsbtc.com/xrp-news/xrp-price-forecast-wave-5-signals-impending-supercharged-growth-to-13-by-2024/" target="_blank" rel="noopener ">Wave 3</a> in the end.” This reference to Elliott Wave Theory suggests that following the correction, a strong upward trend could emerge. The final <a href="https://www.newsbtc.com/xrp-news/xrp-could-hit-0-39-before-1000/" target="_blank" rel="noopener ">price target</a> would then be $1.88. 
Despite the current market conditions, Dark Defender advises the <a href="https://www.newsbtc.com/analysis/xrp/xrp-community-and-cardano-founder-engage-in-heated-clash/" target="_blank" rel="noopener ">community</a> to maintain a positive outlook: “Be positive and be strong since this will be over.” The statement conveys a sense of resilience and long-term perspective amid short-term market fluctuations. 
At press time, XRP traded at $0.52297. 
<img loading="lazy" decoding="async" class="wp-image-572144 size-full" src="https://www.newsbtc.com/wp-content/uploads/2024/01/XRPUSD_2024-01-29_14-27-18.png?resize=3628%2C1672" alt="XRP price" width="3628" height="1672" srcset="https://www.newsbtc.com/wp-content/uploads/2024/01/XRPUSD_2024-01-29_14-27-18.png?resize=3628%2C1672?w=3628 3628w, https://www.newsbtc.com/wp-content/uploads/2024/01/XRPUSD_2024-01-29_14-27-18.png?resize=3628%2C1672?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/01/XRPUSD_2024-01-29_14-27-18.png?resize=3628%2C1672?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/01/XRPUSD_2024-01-29_14-27-18.png?resize=3628%2C1672?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2024/01/XRPUSD_2024-01-29_14-27-18.png?resize=3628%2C1672?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2024/01/XRPUSD_2024-01-29_14-27-18.png?resize=3628%2C1672?w=2048 2048w, https://www.newsbtc.com/wp-content/uploads/2024/01/XRPUSD_2024-01-29_14-27-18.png?resize=3628%2C1672?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2024/01/XRPUSD_2024-01-29_14-27-18.png?resize=3628%2C1672?w=1140 1140w, https://www.newsbtc.com/wp-content/uploads/2024/01/XRPUSD_2024-01-29_14-27-18.png?resize=3628%2C1672?w=3000 3000w" sizes="(max-width: 1000px) 100vw, 1000px" data-recalc-dims="1">

XRP Predicted To Rally 250% After Final Price Dip: Crypto Analyst

Table of Contents

NewsBTC

Other articles published on Jan 29, 2024

How to Buy Poet Coin?

Top Crypto Gainers Today Jan 29 – ORDI, Toncoin, Conflux, Celestia

Solana Appears to Be ‘Breaking Out From a Descending Parallel Channel’, Analyst Eyes $113 if It C...

Bitcoin Network Metrics Shift Amid Rising Interest in Ordinals

Ethereum Classic and Kaspa Community Move to Meme Moguls (MGLS) to recover Losses

DeeStream (DST) launches presale! Investors from Ripple (XRP) and Cardano (ADA) join

Join our free newsletter for daily crypto updates!