Crypto analyst Dark Defender has shared a bullish outlook for XRP, pointing out 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. He also pointed out that XRP must break above $3.3999 for further gains.
XRP’s Broke 4-hour Resistance
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.
Therefore Defender analysis suggests that the XRP needs to maintain the key levels at $2.22. Thus the next major hurdle is the $3.30 resistance level, which XRP must surpass to gain further momentum.
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.
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.
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