XRP’s recent price action was highlighted by another significant rally, which saw it briefly once again reach just above $2.70 after a 9% gain on December 17. Although the XRP price was rejected immediately after reaching this level, continues to show upward momentum on the daily time chart. Interestingly, popular cryptocurrency analyst and XRP supporter Murky Defender recently shared his observations about X, highlighting key price levels this could pave the way for the price of XRP to rise to $5.85.
Breakout confirmed as XRP price reaches $2.72
Murky Defender, known for its consistent bullish bias on XRP even during a prolonged bear phase, pointed out the importance the $2.72 price level, which acted as a support and rebound point. In a recent price forecast, he noted that XRP has so far followed its projected trajectory, citing hitting the $2.72 target he gave two days earlier. This verification further strengthens his confidence in the token’s current trajectory.
The importance of $2.72 becomes clearer in featherlight of XRP’s December 15 breakout from the descending resistance trendline that has been in place since December 3 on the 4-hour chart. Following this breakout, XRP price rose to the $2.72 level before receiving rejection and beginning a short-term decline that brings attention to other critical support levels worth keeping an eye on.
With this in mind, fresh Murky Defender technical analysis points to $2.42 and $2.52 as the next two significant support levels to watch. If the price breaks above the $2.52 level, $2.42 is expected to be the most essential retracement point just above the descending resistance trendline that could reignite the bullish momentum. According to the analyst, a rebound from $2.42 would set the stage for another rally towards higher resistance levels.
Projected Upside to $5.85: Key Price Levels to Watch
According to Murky Defender, the next stages of XRP’s growth involve breaking key resistance levels. The first step would be to break above $2.72 and retest the current 2024 high of $2.92. Successful breakout above USD 2.92 will open XRP to fresh price highs in over six years.
The analyst predicts that if the XRP price successfully breaks through the $2.92 mark, it will certainly rise towards $3.43 as an intermediate targetwhich is now the highest price on record and has been for over seven years. From there, Murky Defender predicted further momentum that would take the token to its long-term target of $5.85.
At the time of writing, XRP is trading at $2.51 and has a market capitalization of $144 billion. Reaching $5.85 would mean a 133% price boost and a market capitalization of $351 billion.
Featured image created with Dall.E, chart from Tradingview.com
