XRP Price Breaks Out On The Daily Chart, Rise To $5.85 Is Possible If This Happens

The recent XRP price action has been highlighted by another notable surge that saw it reaching just above $2.7 briefly again after a 9% surge on December 17. Although the XRP price was rejected immediately after reaching this level, it continues to exhibit bullish momentum on the daily timeframe chart. Interestingly, popular crypto analyst and XRP advocate Dark Defender recently shared his insights on X, highlighting key price levels that could pave the way for an XRP price surge to $5.85.

Breakout Confirmed As XRP Price Hits $2.72

Dark Defender, known for his consistent bullish stance on XRP even during its prolonged bearish phase, pointed out the significance of the $2.72 price level, which has acted as a support and bounce point. In a recent price outlook, he noted that XRP has been so far following his predicted trajectory, citing the achievement of a $2.72 target he shared two days prior. This validation further strengthens his confidence in the token’s current trajectory.

The significance of $2.72 becomes clearer in light of XRP’s breakout on December 15 from a downward-sloping resistance trendline that has been in play since December 3 on the 4-hour chart. Following this breakout, the XRP price rallied to touch $2.72 before facing rejection and started a short-term decline that brings into focus other critical support levels to keep an eye on.

With this in mind, Dark Defender’s new technical analysis points to $2.42 and $2.52 as the next two notable support levels to watch. Should the price breach the $2.52 level, $2.42 is expected to act as the most crucial bounce point just above the downward sloping resistance trendline that could reignite bullish momentum. A rebound from $2.42 would, in the analyst’s view, set the stage for another upward surge towards higher resistance levels. 

Projected Rise To $5.85: Key Price Levels To Watch

The next stages in XRP’s ascent, according to Dark Defender, lie in overcoming pivotal resistance levels. The first step would be to break above $2.72 and retest its current 2024 high of $2.92. A successful break above $2.92 would open up XRP to new price highs in over six years.

Should the XRP price successfully break through the $2.92 mark, the analyst predicts a sure climb toward $3.43 as an intermediate target, which is its current all-time high price that has stood for over seven years. From there, Dark Defender predicted continued bullish momentum that would drive the token to a long-term target of $5.85. 

At the time of writing, XRP is trading at $2.51 with a market cap of $144 billion. Reaching $5.85 would translate to a 133% increase in price and a market cap of $351 billion.

Featured image created with Dall.E, chart from Tradingview.com