Outside Source
The cryptocurrency market kicked off the week with most of the top cryptocurrencies trading on the green, and XRP is among them, exchanging hands at $0.61 at press time.
After analyzing the asset’s monthly chart, Dark Defender – a well-known crypto analyst who commonly breaks down the price action of altcoins – concluded that XRP is poised for a significant price increase. He anticipates that it will break out of its current price range and make substantial gains in April, possibly surging past the $1 target.
April is a Key Month for XRP
Despite XRP showing clear signs of consolidation, the analyst dismissed the idea that XRP is confined to a narrow price range—around $0.60. He states that April is a key month in which a breakout is imminent for the asset.
I think starting this Month, April, a lot of melting faces will be around. We expected this Resistance to be eliminated in April, and the time has come towards. I expect the move towards $1 very soon, which will pave the way for $1.88 & $5.85 first.
While the main fear among traders is that XRP will retest and ultimately trade sideways, the analyst remains convinced that it will soon break to $1.88 and $5.85.
Likewise, Dark Defender shared an analysis based on three monthly timeframes of the XRP/BTC pair. “Each candle or price bar is formed in 3 months (3M), and Aril is the start moment of the new bar. (April-May-June will form a new candle)”
Hi all, Today, I’d like to analyze three Monthly Time frames for the #XRP / #BTC pair. Thanks to @MoonLamboio, who reminded me of the update.
Each candle or price bar is formed in 3 months (3M), and Aril is the start moment of the new bar. (April-May-June will form a new candle)… pic.twitter.com/iHDE5jx4Rk
— Dark Defender (@DefendDark) April 7, 2024
Other industry participants observing XRP’s performance share similar thoughts and believe it will witness an explosive upward move. As CryptoPotato reported, some concluded that XRP needs to break above the $0.75 level to eventually jump to the range of $1 – $1.30
This article first appeared at CryptoPotato
