XRP Price Confirms Bullish Reversal: Crypto Analyst Forecasts ‘God Candles’ Ahead
July 15 2024 - 9:30AM
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Crypto analyst Dark Defender has shared an extremely bullish
technical analysis on XRP via X, suggesting a bullish reversal and
the possibility of “God Candles.” The analysis uses a variety of
technical indicators and chart patterns to project an optimistic
outlook for XRP. XRP Price Poised For ‘God Candles’? The core of
Dark Defender’s (@DefendDark) analysis is focused at two indicators
which suggest a change of trend. The first one is the breakout
above a descending trendline. This move is critical as it means
that XRP eliminated its first key resistance and suggests a
potential reversal from the downward trend which started in
mid-March. It is particularly noteworthy as it indicates a shift in
market sentiment from bearish to bullish. Supporting this trend
reversal is the Fisher Transform indicator, which is crucial for
identifying major price reversals. The Fisher Transform uses price
data to produce a Gaussian normal distribution to signal potential
changes in market direction. Related Reading: XRP Resilience
Sparks Further Gains As Price Surpasses $0.466 Level On the weekly
chart, a ‘Golden Cross’ is visible where the faster line of the
Fisher Transform crosses above the slower line, typically a bullish
signal in market analysis. This event is essential as it provides
confirmation of the trend reversal signaled by the breakout from
the descending trendline. “Ladies & gentlemen, XRP had the
highly bullish Reversal approval for the Fisher Indicator weekly.
Initial resistance instantly broke at $0.4623!” the crypto analyst
remarked. However, it’s important to note that the digital
asset is still navigating below the Ichimoku Cloud, indicating that
resistance still lies ahead. The Ichimoku Cloud is a comprehensive
indicator that provides insight into the momentum and future areas
of support and resistance. Related Reading: XRP Price Eyes
Colossal 280% Breakout Amid CME Group Partnership While the
breakout from the descending trendline and the bullish Fisher
Transform signal are promising, the price remaining below the Cloud
suggests that XRP has yet to clear all hurdles and establish a
stronger bullish presence. Additionally, the chart also details
several key Fibonacci levels that are critical for understanding
the next potential resistance and support zones. After breaking the
initial resistance at $0.4623, XRP is currently testing the interim
Fibonacci level at $0.5286. Dark Defender emphasizes the
significance of the price closing above this level to sustain the
bullish momentum: “Our interim Fibonacci Level, $0.5286, is being
tested. It would be great to close this week’s candle above $0.53.”
Notably, the XRP price didn’t manage to close the week above this
price. Despite that, XRP is currently continuing the upward trend,
trading above $0.53 today. The next resistance point to level is at
$0.6044. Surpassing this level could lead to the creation of
multiple “God Candles,” suggesting a rapid and sustained increase
in price. Dark Defender remarked, “Next week, we will test the
secondary mid-level resistance of $0.6044. It’s crucial not to
underestimate the master fundamental level for XRP, which is
$0.6649. Above it, we can expect multiple God Candles, which will
open the path to Heaven’s Stairway.” At press time, XRP traded at
$0.53494. Featured image created with DALL·E, chart from
TradingView.com
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