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As XRP price heads towards its next move, crypto analyst Dark Defender has revealed the next major support and resistance levels for the cryptocurrency. The analyst also suggested that XRP's next move could happen sooner than expected.
Next major support and resistance levels for XRP price
In the X post, Dark Defender mentioned $2.42, $2.52, $2.71, and $5.85 as the next major support levels for XRP price. Meanwhile, cryptocurrency analysts highlighted $2.29, $2.24, $2.10, and $2.02 as the next major support levels for XRP. While making these remarks, the analyst also mentioned the bull flag structure that has formed on the daily chart of XRP.
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Source:X
Dark Defender pointed out that the current bull market has reached its limit and claimed that XRP price will make the next move by tomorrow. Cryptocurrency analysts recently highlighted a weekly bull run on the XRP chart, which indicated that the cryptocurrency could reach double digits this market cycle.
Dark Defender also provided an update on his analysis of the XRP/BTC pair in his latest X post. He said that what was expected from the XRP price is coming, and suggested that it may have already begun. The analyst previously predicted that XRP would record “tremendous” gains against the Bitcoin pair.
Source:X
Meanwhile, cryptocurrency analyst Ali Martinez recently highlighted the formation of a bullish flag on the four-hour chart of XRP price. Based on this pattern, the analyst said that XRP may experience a temporary correction and then break through $2.46 and rise to $4, setting a new all-time high (ATH) for XRP. I did.
Two possible scenarios for the third wave
In a post on X, crypto analyst CasiTrades outlined two possible scenarios for the third wave of XRP price increases. In the first scenario, XRP could record a typical move spanning the 2.618 Fibonacci level. This brings the target price to $3.82, which is the cryptocurrency’s current ATH.
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Source:X
Meanwhile, regarding the second scenario, CasiTrades said that if this third wave does not extend, the XRP price may record an extended play in the fifth wave. If the third wave does not expand, the target price would be $3.23 instead of $3.82. She added that this target is close to XRP's current ATH, so extended play may not occur.
CaiTrades warned that these are just predictions and the XRP price may correct at the actual high. However, she is confident that a big move is coming, as XRP stabilized with minimal movement the previous day.
At the time of writing, XRP price was trading around $2.51, up more than 6% in the past 24 hours, according to data from CoinMarketCap.
Price drops significantly from $2.5 | Source: XRPSDT on Tradingview.com
Featured image created by Dall.E, chart on Tradingview.com