XRP Breaks Year-Long Resistance Trend, Dark Defender Sees Rotation and Growth

Crypto analyst Dark Defender has been tracking the price action of XRP on the monthly chart. Recently, XRP broke above a descending resistance trend that had constrained its price for about a year. Dark Defender warns traders not to get distracted by smaller time frames and instead focus on the larger structure.

The analyst points to the monthly chart, which shows XRP testing the area around the broken trendline after the breakout. Dark Defender attaches a key question: 'Was it a bearish or bullish breakout?' His response is simply 'Rotate, positive rate, gear up.'

Dark Defender's chart also marks several Fibonacci extension levels above XRP's current price, including the 161.80% extension at $1.8815 and the 200% extension at $2.9032. These levels give traders specific areas to watch if XRP continues its upward movement.

On the Relative Strength Index (RSI) chart, XRP's RSI sits near 49.30, while the indicator's moving average sits near 49.72. The RSI has recovered from lower levels, but it remains below the 50 mark.