The recent XRP price action has been highlighted by another notable surge that saw it reaching just above $2.7 briefly again after a 9% surge on December 17. Although the XRP price was rejected immediately after reaching this level, it continue to exhibit bullish momentum on the daily timeframe chart. , popular crypto analyst and XRP advocate Dark Defender recently shared his interesting insights on key highlighting price levels that could pave the way for an XRP price surge to $5.85.
Breakout Confirmed As XRP Price Hits $2.72
Dark Defender, known for its consistent bullish stance on XRP even during its prolonged bearish phase, pointed out the significance of the $2.72 price level, which has acted as a support and bounce point. In a recent price outlook, he noted that XRP has been so far following his predicted trajectory, citing the achievement of a $2.72 target he shared two days prior. This validation further strengthens his confidence in the token's current trajectory.
The significance of $2.72 becomes clearer in light of XRP's breakout on December 15 from a downward-sloping resistance trendline that has been in play since December 3 on the 4-hour chart. Following this breakout, the XRP price rallied to touch $2.72 before facing rejection and started a short-term decline that brings into focus other critical support levels to keep an eye on.
With this in mind, Dark Defender's new technical analysis points to $2.42 and $2.52 as the next two notable support levels to watch. Should the price breach the $2.52 level, $2.42 is expected to act as the most crucial bounce point just above the downward sloping resistance trendline that could reignite bullish momentum. A rebound from $2.42 would, in the analyst's view, set the stage for another upward surge towards higher resistance levels.
Projected Rise To $5.85: Key Price Levels To Watch
The next stages in XRP's ascent, according to Dark Defender, lie in overcoming pivotal resistance levels. The first step would be to break above $2.72 and retest its current 2024 high of $2.92. A successful break above $2.92 would open up XRP to new price highs in over six years.
Should the XRP price successfully break through the $2.92 mark, the analyst predicts a sure climb toward $3.43 as an intermediate targetwhich is its current all-time high price that has stood for over seven years. From there, Dark Defender predicted continued bullish momentum that would drive the token to a long-term target of $5.85.
At the time of writing, XRP is trading at $2.51 with a market cap of $144 billion. Reaching $5.85 would translate to a 133% increase in price and a market cap of $351 billion.
Featured image created with Dall.E, chart from Tradingview.com
