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Will XRP’s October Breakout Surprise Everyone? Here’s What Analysts Predict!
In recent XRP news, Dark Defender, a well-known analyst in the cryptocurrency space, has piqued interest by suggesting that XRP could be poised for a significant price move. Despite facing challenges in breaking above the critical $3 threshold, XRP is currently forming a Falling Wedge pattern, which analysts believe could lead to a breakout that may catch many investors off guard by October.
In a price analysis shared on Monday, Dark Defender highlighted that XRP, the third-largest cryptocurrency by market capitalization, has successfully maintained its key support level at $2.85, even after a rebound at $3.13. The price action demonstrates that XRP has tapped into a primary support trendline, consistently acting as a structural foundation during market fluctuations. This resilience could indicate that the cryptocurrency is gearing up for a pivotal moment.
Importantly, technical indicators such as the Relative Strength Index (RSI) are approaching oversold territory, a condition often associated with potential price reversals. While skepticism permeates the broader market, Dark Defender remains confident that XRP’s bullish structure is intact. The prevailing disbelief may serve as a precursor to a surprising price rally.
The analyst pointed out that XRP has been consolidating within the Falling Wedge pattern from July to September. Dark Defender believes that October may be the month when XRP breaks free from this wedge, potentially triggering a rally that could astonish market participants.
To build on this bullish sentiment, Dark Defender has projected three price targets for XRP by the end of October: $4.17, $4.92, and $5.85. These targets align with upper Fibonacci Extension levels—261.8%, 361.8%, and 236.8%—indicating strong upward potential. Meanwhile, XRP has robust support levels positioned at $2.80 and $2.64, which could provide a solid base for the anticipated breakout from the Falling Wedge.
XRP Bullish Run Just Starting
Reinforcing his earlier predictions, Dark Defender emphasized that XRP has yet to embark on its true bullish rally. He hinted at an impending power shift, suggesting that the current market dynamics are merely the beginning of a more substantial upward movement.
This perspective comes at a time when XRP has already delivered impressive gains, achieving a staggering 384% increase Year-to-Date. This surge is attributed to rising demand, speculation surrounding a potential XRP ETF, and renewed investor confidence following the resolution of the Ripple-SEC lawsuit.
Earlier this year, XRP reached a peak of $3.65, and it is currently positioned just over 5% away from reclaiming its former all-time high of $3.84. Dark Defender maintains that the cryptocurrency’s most significant growth is still ahead. He interprets the recent pullback below $3 not as a sign of weakness but as a necessary consolidation phase before the next upward leg.
The analyst believes that XRP is nearing the conclusion of its corrective ABCDE consolidation phase and is on the verge of a breakout. According to his analysis, reclaiming the $3.33 level could set the stage for double-digit prices in the not-so-distant future.
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In conclusion, as October approaches, the anticipation surrounding XRP’s potential breakout is palpable. With Dark Defender’s insights shedding light on the cryptocurrency’s bullish trajectory, many investors will be closely monitoring XRP’s movements in the coming weeks. Whether this forecast materializes remains to be seen, but the excitement in the crypto community is undoubtedly growing.
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