XRP Bullish Structure Identified with Two Key Targets
A top analyst has identified a bullish XRP structure that he believes is 'rock solid.' Dark Defender's chart analysis points to two firm upside targets, and the structure supporting those targets has remained intact. The analyst notes that XRP has completed a 5-wave Elliott Wave structure, which indicates the exhaustion of a trend and the beginning of a new impulse move.
The break above a long-standing orange resistance trendline is another key development in the chart. This level had previously capped XRP's price since its breakout in late August. Dark Defender confirms that XRP has 'said bye-bye to the Orange resistance capping the price.'
The current price puts XRP just inside the consolidation range, marked at $1.6992. The first resistance level identified by Dark Defender sits at the 70.20% Fibonacci extension, which corresponds to $1.4445.