A prominent crypto analyst has spotted a crucial break out on the XRP chart, predicting a potential 260% surge from its current price.
In a recent post on X, renowned technical analyst Dark Defender called attention to an update he observed on the established patterns of XRP daily candlesticks.
The analyst surveyed and confirmed a breakout on the daily chart, emphasizing that the break has been verified for both the relative strength index (RSI) and price indicators.
Furthermore, the chart accompanying the analyst’s update indicates that XRP’s daily pattern currently resembles a pattern observed in mid-November 2023 when the asset was trading in the $0.7 range.
Specifically, the chart proposed that the RSI levels are identical, expressing potential upward movement.
XRP chart Dark Defender
XRP Set for 260%
Drawing from the observation, Dark Defender asserted that XRP is now poised to approach the $1 threshold. He specifically issued a target of $1.88.
Considering XRP’s market value of $0.5229, a surge to $1.88 would necessitate a growth rate of 259.53%.
Interestingly, the last instance XRP reached $1.88 was during its peak rally in 2018. Notably, during the 2021 bull season, XRP reached a height of $1.83, according to data from CoinMarketCap.
Community Doubts the Surge
Nonetheless, the analyst failed to provide a timeline for the surge to $1.88 to come to fruition. Yet, crypto market participants reacting to the update voiced skepticism about the projected breakout materializing.
For instance, an X user sarcastically remarked that a significant amount of retesting and consolidation would likely follow from the observed pattern. Moreover, the commenter argued that XRP reaching $1 could take until 2030, and even then, it might not be a healthy ascent.
Another commenter shared a similar sarcastic sentiment. This individual highlighted that reports confirming XRP’s significant bullish breakout have been circulating daily for years without materializing.
Ultimately, whether XRP would indeed break out to reclaim a $1.88 remains to be seen.