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Breaking News: Bitcoin Price Slips Below $108,000: Peter Schiff Anticipates ‘Brutal’ Bear Market, CZ Responds
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Breaking News: Bitcoin Price Slips Below $108,000: Peter Schiff Anticipates ‘Brutal’ Bear Market, CZ Responds

XRP Holds Bullish 2014-2017 Pattern Unless This Happens: Analyst

Jake Simmons
Jake Simmons
1 year ago
3 mins read
XRP price

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In a tumultuous day for cryptocurrencies, the price of XRP plummeted to a low of $0.38249 on Bitstamp, reflecting a broader downtrend affecting the altcoin market. With a notable 12.4% decrease in the last 24 hours, XRP is facing crucial support. Despite this substantial decline, Dark Defender (@DefendDark), a noted crypto analyst on X, continues to uphold a bullish outlook on XRP’s future prospects.

XRP Price Needs To Hold $0.39

In his analysis of the 1-month XRP/USD chart, Dark Defender notes specific key levels and indicators. He points out that “XRP hit our last support level of $0.3917 after staying under $0.4623 for 3 consecutive candles.” This observation is crucial as it highlights the resilience of XRP at a significant support level—the Point of Control (POC).

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The POC, where Dark Defender indicates “Green Dotted Line – the price level where most trades took place since 2014,” stands at $0.3917. This level serves as a focal point for trader consensus on value, historically providing a strong foundation for the price. The recent touch of this level suggests a testing ground where bullish sentiments could potentially stabilize and reverse the downtrend.

XRP price analysis
XRP price analysis | Source: X @DefendDark

The chart by Dark Defender also includes Fibonacci retracement levels, which are pivotal in identifying potential support and resistance areas based on previous price movements. According to Dark Defender, the $0.4623 level, corresponding to the 38.20% Fibonacci retracement, poses a significant resistance. Should XRP rise above this threshold, it might pave the way for further gains towards higher Fibonacci levels such as $0.6649 and $1.8815, which correspond to 70.20% and 161.80% retracements, respectively.

Dark Defender highlights the Relative Strength Index (RSI), stating, “XRP Daily & weekly RSI are at the bottom and oversold.” This indicates that the asset is potentially undervalued, and such conditions often precede a price recovery. He also compares the current monthly RSI levels to those seen during major market bottoms in March 2020 and November 2022, suggesting a possible repeat of the recovery patterns observed during those periods.

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The volume profile on the chart underscores the presence of substantial trading activity at and around the POC. This high volume at lower prices signals robust buying interest, which could cushion further drops and establish a strong support base.

Overall, Dark Defender presents a case for a potential bullish reversal for XRP. His scrutiny of support levels, particularly the resilience at $0.3917, coupled with oversold RSI conditions and a historically significant trading volume at this price, paints a picture of possible upward momentum.

As the market digests these levels, the ability to sustain above $0.3917 will be critical in determining its short-term price trajectory, potentially mirroring the recovery phases of 2014-2017. From March till Mai 2017, XRP rallied by more than 6,600% from below $0.006 to $0.40.

If history repeats, the XRP price could be set for a massive rally. However, Dark Defender’s closing remark, “The 2014-2017 pattern is still identical unless the $0.3917 is not protected. I will keep you updated,” underscores the pivotal nature of this support level in the ongoing market dynamics.

At press time, XRP traded at $0.41042.

XRP price
XRP fell below $0.40, 1-day chart | Source: XRPUSD on TradingView.com
Featured image created with DALL·E, chart from TradingView.com
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Jake Simmons
Jake Simmons

Jake Simmons

Jake Simmons, a dedicated crypto journalist, has been passionate about Bitcoin since 2016 when he first learned about it. Through his extensive work with NewsBTC.com and Bitcoinist.com, Jake has become a trusted voice in the crypto community, guiding newcomers and seasoned enthusiasts alike towards a deeper understanding of this dynamic field.

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His mission is simple yet profound: to demystify Bitcoin and cryptocurrencies and make them accessible to everyone.
With a professional career in the Bitcoin and crypto scene that began right after graduating with a degree in Information Systems in 2017, Jake has immersed himself in the industry. Jake joined the NewsBTC Group in late 2022. His educational background provides him with the technical prowess and analytical skills necessary to dissect complex topics and present them in an understandable format. Whether you are a casual reader curious about Bitcoin or an investor seeking to navigate the latest market trends, Jake’s insights offer valuable perspectives that bridge the gap between complex technology and everyday usage.

Jake is not just a reporter on technological trends; he is a firm believer in the transformative potential of Bitcoin over traditional fiat currencies. To him, the current financial system is on the brink of chaos, propelled by unchecked government actions and flawed Keynesian economic policies. Drawing from the principles of the Austrian school of economics, Jake views Bitcoin not merely as a digital asset but as a crucial step towards rectifying a failing monetary system. His libertarian views reinforce his stance that just as the church was separated from the state, so too should money be freed from governmental control.

For Jake, Bitcoin represents more than just an investment; it's a peaceful revolution. He envisions a future where Bitcoin fosters a sustainable and responsible financial framework for generations to come. His advocacy is not about opposition but about evolution, about laying the groundwork for a system that prioritizes transparency and equity over secrecy and inequality.

As a journalist, Jake’s articles are crafted with the precision of a scholar and the passion of a true believer. He provides not only news but also thoughtful analysis that connects the dots between daily developments and larger economic theories. His work is a beacon for those lost in the technical jargon often associated with crypto discussions, illuminating the practical implications and benefits of these technologies.

In summary, Jake Simmons is not just reporting on a revolution; he wants to be part of it, fully committed to enhancing public understanding and adoption of Bitcoin and cryptocurrencies. His work is more than just a collection of articles; it’s a resource, a guide, and a companion for anyone ready to explore the potential of this digital frontier. Whether you are taking your first steps into crypto or are a veteran looking to stay on top of the latest trends, Jake’s insights provide clarity and foresight in an often unpredictable industry. Join him on this journey to reshape the world of finance, one post at a time.

You can engage with his latest takes on Twitter: @realJakeSimmons.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

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