The post XRP Price Jumps 12%, Analyst Dark Defender Flags Danger Zones appeared first on Coinpedia Fintech News
The crypto market’s been volatile lately and XRP is no exception. Over the weekend, as tensions flared between Iran and Israel, Ripple’s native token dipped below the $2 mark. Trading volume surged over 40% in just 24 hours as worried investors rushed to adjust their positions.
What’s Been Happening With XRP?
XRP had a strong start to the year, climbing near its previous highs back in January. Legal wins against the U.S. SEC and Ripple’s growing partnerships had fueled hopes for a breakout above previous highs. However, the recent selloff triggered by geopolitical tensions knocked the token off its path.
XRP briefly fell to $1.91 before bouncing back, but it’s now facing a tough resistance level around $2.28.
What’s Next For XRP Price?
However, now that XRP and majority of the altcoins have bounced back, altcoin season speculations are back. Popular analyst Dark Defender said that XRP is gearing up for a big move, with the price approaching an important point on the weekly charts.
According to his analysis, XRP is about to break out of a descending triangle pattern, a formation that often signals a big price shift. The token has been holding steady around the $2 mark, it won’t stay there for long. “The Break Is Imminent towards ATH,” the analyst wrote.
Resistance Levels Support Levels $2.19 $2.07 $2.22 $1.88 $2.33
XRP is still maintaining a cup pattern, which often hints at an upcoming rally. Additionally, the Ichimoku Clouds, a popular technical indicator, are also showing bullish signs. At the time of writing, XRP price has gained 12 % and is trading at $2.19.