Dark Defender: XRP is preparing for a breakthrough

In his latest technical review, crypto analyst Dark Defender highlighted key takeaways for XRP XRP $1.20 XRP 8.81% Market capitalization $68.55 billion VOL. 24 hours $1.16 billion amid recent price action. Since reaching a yearly high of $ 0.64 on January 3, XRP has fallen by -18.8%. This state of affairs, according to the expert, poses a threat of further decline in the crypto asset before the bulls can take over.

According to the daily chart of XRP/USD, the price closed below the significant level of $ 0.5286. As a result, the RSI was «forced to remain below the resistance trend line». This means that bears are currently in control of the situation, putting downward pressure on the price.

«As we expected, XRP moved to $ 0.52-$ 0.53. The target zone was $ 0.5286, and yesterday XRP closed just above this level and got a breakout on the RSI. This is a great sign for XRP to try to break through the $ 0.60 resistance soon […] But of course, we’d be more than happy if XRP first breaks through $ 0.6649 and moves to the initial Fibonacci 3 target at $ 1.88,» notes Dark Defender.

At the time of writing, XRP is trading at $ 0.53, a daily gain of almost 2%. The total amount of coins circulating on the market is $ 28.96 billion. Traders made daily trading deals worth $ 910 million.