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Crypto Analyst Predicts More Divine Candles for XRP: How High Can It Go?
A cryptocurrency analyst remains highly bullish on XRP Ledger’s native token, XRP, predicting the emergence of more Candles of God which could potentially push the cryptocurrency into a strong bullish rally.
Breaking the resistance could trigger the divine candles
In an X (ex Twitter) send On June 14, a cryptocurrency analyst identified as “Dark Defender” provided a detailed interpretation of the technical indicators and resistance levels that could signal a Bullish trend for XRPThe analyst revealed that XRP has experienced a high bullish reversal for the Fisher indicator on the weekly chart.
The Fisher indicator is a versatile technical tool used to spot trend reversals and highlight when prices have moved to extremes. Based on this technical indicator, Dark Defender revealed that the altcoin has broken out of an initial price resistance at $0.04623, indicating strength and momentum in the cryptocurrency’s price movement.
Sharing a price chart depicting XRP’s movements, the cryptocurrency analyst revealed that altcoin price is currently testing the interim Fibonacci levels at $0.5286. He expressed bullish optimism on XRP closing above the weekly candle around the $0.53 price.
Dark Defender also highlighted the next significant resistance level for XRP price. The analyst expects XRP to test the secondary mid-level resistance points at $0.6044, as the break of this level would be a positive signal for a rise Upward momentum for XRP.
Interestingly, Dark Defender expects XRP to trigger God candles if it successfully breaks all the above-mentioned resistance levels. He highlighted another key support level at $0.6649, labeling it as the major fundamental level. The cryptocurrency analyst revealed that it was crucial not to underestimate this level, signaling the potential for strong bullish surge in XRP if it exceeds this fundamental threshold.
The analyst has predicted more divine candles which indicate strong price increases for XRP, perhaps paving the way for the “Ladder to Heaven”.
XRP Price Analysis Update
In the midst of recent legal challenges with the U.S. Securities and Exchange Commission (SEC) and a broader bearish market trend, XRP has shown strong bullish signals and sound price fundamentals. At one point this year, the cryptocurrency crashed below the price of $0.5suffering unexpected price drops.
However, the altcoin has been on the rise recently, recording multiple bullish surges that have pushed its price to the current value of $0.538. According to CoinMarketCap data, XRP is up nearly 30% in the past week and is up another 1.41% in the past 24 hours.
Cryptocurrency has been with relatively good performance despite the market volatility. Its recent gains have also positioned it at a critical point where its price could potentially surpass the $0.6 threshold. Furthermore, with the Legal battle between Ripple and SEC As it nears completion and a deal is on the horizon, XRP is poised to overcome bearish sentiment fueled by regulatory concerns.
Featured image created with Dall.E, chart from Tradingview.com