Following a more than 20% decline, XRP appears to be losing steam. Nonetheless, analyst Dark Defender remains surprisingly bullish, foreseeing a breakthrough with a potential surge up to $10 for the cryptocurrency.
According to analyst Dark Defender, XRP is in the final phase of a long stagnation period. He relies on the ABCDE technical analysis model, which suggests the market is slowly preparing for a new direction – in this case, an upward movement.
“Once we convincingly reclaim the $3.33 level, things could move very quickly,” he states. Last August, the price already attempted to break through this threshold unsuccessfully. But if it manages to do so this time, Dark Defender envisions a potential appreciation up to $10, representing a gain of more than 247% from the current level.
Global events also influence XRP’s price. The recent interest rate cuts by the U.S. Federal Reserve could prove to be good news for the cryptocurrency.
The question now is whether there will be more rate cuts this year. Opinions within the Fed are divided : some want to give the economy more breathing room through lower rates, while others fear that inflation risk has not yet been eliminated.
In summary, when borrowing money becomes cheaper, more money circulates in the economy. This money then seeks returns, often in risky assets like stocks and cryptocurrencies. If this trend continues, it could provide XRP with the necessary momentum for a new bounce.
Although XRP is currently going through a difficult phase, analyst Dark Defender remains remarkably optimistic about its future. According to him, the cryptocurrency is on the verge of experiencing a real breakthrough, with upside potential up to $10.
Macroeconomic factors such as the Fed’s rate cuts could also play in its favor. Savvy investors would therefore be well advised to closely monitor XRP’s evolution in the coming months.
Currently, XRP needs to maintain above $2.80 and $2.74. A break of this support could take it to $2.62 or even $2.48. Such a drop would offer an opportunity to buy XRP at a low price before its explosion to $10.
Here’s how to easily buy it on Bitget :
Charles Ledoux is a Bitcoin and blockchain technology specialist. A graduate of the Crypto Academy, he has been a Bitcoin miner for over a year. He has written numerous masterclasses to educate newcomers to the industry and has authored over 2,000 articles on cryptocurrency. Now, he aims to share his passion for crypto through his articles for InvestX.
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