A notable cryptocurrency analyst, known as "Dark Defender," has re-ignited discussions about XRP's potential to reach the $6 mark, basing this optimistic outlook on a detailed technical analysis of the asset's recent price action. This projection hinges on several key chart patterns and a crucial breakout point.
Technical Foundation for a $6 Target
The analyst's projection is rooted in XRP's resilience following its recent correction. The price found strong support at the 161.80% Fibonacci zone, bouncing back decisively and avoiding further declines in that region. This recovery confirmed the completion of an A-B-C correction pattern, with the final C-leg bottoming out in a deep retracement pocket often associated with significant reversals. Further bolstering this bullish sentiment, the Relative Strength Index (RSI) simultaneously rebounded from its lowest reading of the year, signaling a loss of bearish momentum.
The Critical Breakout Point
The entire $6 scenario is contingent on XRP successfully breaking a long-standing diagonal resistance line. This particular trendline has consistently suppressed every rally attempt since the summer. The analysis suggests that a decisive close above this critical barrier would clear the path for subsequent upward movements, treating the next price steps as straightforward execution. Failure to breach this resistance would likely keep XRP confined within its current trading range.
Key Price Levels to Monitor
Should XRP achieve the anticipated breakout, the analyst has identified several key price targets. The first significant area to watch is $2.22, followed by approximately $3. The ultimate target, ranging between $5.85 and $6, is derived from higher Fibonacci extensions that align with the scale of previous market waves. This ambitious target is further supported by the upper boundary of a long-term channel that has guided XRP's price throughout the year, reinforcing the potential for a substantial rally if the primary resistance is overcome.
