XRP has been showing significant strength for some time now, securing its spot as one of the best-performing cryptocurrency assets by market capitalization after rising to its highest level since November.
XRP is yielding gains from April’s rally
The crypto community is buzzing XRP’s latest price spike as several analysts predict the surge will mark the start of the long-awaited rally. With a 50% increase from $0.50 on Monday, March 11 to a weekly high of $0.75, the price got off to a great start this week.
Cryptocurrency analyst and trader Dark Defender has done just that shared his latest bullish prediction for XRP with the community on X (formerly Twitter). Dark Defender highlighted that the crypto asset “broke out” from strong resistance on Tuesday, just as he expected.
XRP broke out from a symmetrical six-year triangle, which indicates a phase of consolidation, where prices fluctuate between the lower support line and the upper resistance.
According to the analyst, the monthly time frame clearly shows that the long-awaited movement has begun. Also, the daily time frame “confirms that the massive resistance level at $0.6649 has been breached.”
He further added that for the “weekly and monthly timeframe, $0.6649 may be confirmed.” As a result, Dark Defender highlighted that its targets are now “closer to mid-resistance around $1.33.” Meanwhile, he has set his “Fibonacci price targets for the coming weeks at $1.88 and $5.85.”
The message read:
XRP had the breakout yesterday, as we expected. In the Monthly Time Frame it is clear that the move has started and in the Daily it is confirmed that the massive resistance at $0.6649 has been broken. $0.6649 is confirmed for the weekly and monthly frames. Our targets are now closer to the $1.33 mid-resistance, and the $1.88 and $5.85 Fibonacci targets in the coming weeks.
As a result, the expert has urged the community to watch out for “solid strikes” in the coming week. Additionally, he noted that “April will be hot,” indicating significant gains throughout the month.
Currently, the digital asset is gradually gaining strength and is trading at $0.6897, indicating a weekly increase of more than 12%. However, the market cap and trading volume have both fallen by 1.58% and 57% in the last 24 hours.
The asset does not belong in your portfolio
Despite XRP’s latest rally, crypto expert Jason Pizzino has argued that investing in the token may not be a smart move. Jason Pizzino does issued a warning to the community to never consider adding XRP to their portfolio.
He claims that “although it is climbing this cycle, it still needs to increase in value “more than 2600%” to meet expectations. Bitcoin‘s 2017 peak. “It reached 500% in the last cycle and is now just 30% away from breaking the SEC lawsuit low,” he added.
Pizzino believes that the big advantage of influencers discussing XRP is that there is still a “large audience interested” in learning about the project and “optimistic price projects that never appear.”
Featured image from iStock, chart from Tradingview.com
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