XRP Broke 4-hour Resistance Level, Bullish Outlook

Crypto analyst Dark Defender has shared a bullish outlook for XRP, pointing out key resistance and support levels that could determine its next move.

Crypto analyst Dark Defender has shared a bullish outlook for XRP, highlighting key resistance and support levels that could determine its next move.

According to his recent post, XRP has broken the 4-hour resistance level, a key sign that it could be gearing up for a strong rally. According to his analysis, XRP must break above $3.3999 for further gains.

XRP's Recent Price Action

Ripple native token XRP, has been moving up and down in price recently. However, technical signals now show that it might be ready for a big upward move soon.

According to Dark Defender, XRP has made a key move by breaking the 4-hour resistance, signaling the start of a strong uptrend. According to his analysis, XRP needs to maintain the key levels at $2.22.

"The price broke the 4-hour chart resistance and closed above it. The implication of this move is that we can expect further gains in the market."

Thus the next major hurdle is the $3.30 resistance level, which XRP must surpass to gain further momentum. According to the analyst, if it clears this barrier, XRP could see a surge toward $5.85, a level that has been identified as a major resistance zone.

Additionally, the RSI (Relative Strength Index) has formed a Golden Cross, a bullish signal that suggests strong upward momentum. This pattern indicates that buyers are gaining control, increasing the chances of a breakout.

Market Activity Hinting Bearish Sign

Even though XRP has a bullish chart, it is struggling to rise. One reason could be the recent exchange inflows. Data from Coinglass shows that investors have deposited nearly $13 million worth of XRP on exchanges, which may increase selling pressure and slow its growth.

Also, the OI-Weighted Funding Rate dropped from 0.0103% on March 3 to -0.0022%, showing more selling. The ratio also fell below 1.0 to 0.9798, which could mean XRP might drop further if it keeps falling.

XRP Price Momentum

With a weekly gain of 17% XRP is trading $2.61 reflecting a gain of almost 5%. However, this bullish surge indicates that investor showing their confidence in the XRP token despite its ongoing lawsuits. According to reports by CCもお勧めする may interest you : A complete guide to cryptocurrency taxes in Australiafor 2023.

With the market showing signs of recovery, XRP’s bullish setup could be a key opportunity for investors. If the trend continues, a new all-time high may not be far away.