XRP has demonstrated significant strength for a while now, securing its spot as one of the best-performing cryptocurrency assets by market cap, after surging to its highest level since November.
XRP To Yield Gains From April Rally
The crypto community is buzzing about XRP’s latest price spike as several analysts predict the surge will be the start of the eagerly anticipated rally. With a 50% rise from $0.50 on Monday, March 11, to a weekly high of $0.75, it got off to a great start this week.
Cryptocurrency analyst and trader Dark Defender has shared his latest optimistic forecast for XRP with the community on X (formerly Twitter). Dark Defender highlighted that the crypto asset “broke out” from a strong resistance on Tuesday, just as he expected.
XRP broke out from a 6-year-long symmetrical triangle, which denotes a phase of consolidation with prices bouncing between the lower support line and the upper resistance.
According to the analyst, the monthly time frame clearly shows that the much-anticipated move has begun. Also, the daily time frame “confirms that the massive resistance level of $0.6649 has been broken.”
$0.6649 resistance broken in the daily time frame | Source: Dark Defender on X
He further added that for the “weekly and monthly time frame, $0.6649 will possibly be confirmed.” As a result, Dark Defender underscored that his targets are now “closer to the mid-resistance around the $1.33” price mark. Meanwhile, he has placed his “Fibonacci price targets at $1.88 and $5.85 in the upcoming weeks.”
The post read:
XRP had the break-out yesterday, as we expected. In the Monthly Time Frame, it is obvious the move has started and the huge Resistance of $0.6649 has been confirmed to be broken in the Daily. $0.6649 will be Confirmed for the Weekly and Monthly Frames. Our targets are closer now to $1.33 mid resistance, and $1.88 and $5.85 Fibonacci targets in the upcoming weeks.
As a result, the expert has urged the community to watch out for “solid strikes” in the coming week. In addition, he noted that “April will be hot,” suggesting significant gains throughout the month.
Presently, the digital asset gradually gaining strength trading at $0.6897, indicating a weekly increase of over 12%. However, its market cap and trading volume are both down 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 claimed that investing in the token might not be a smart move. Jason Pizzino has issued a warning to the community never to consider adding XRP to their portfolio.
He claims that “even though it climbs this cycle, it still “needs to rise more than 2600%” in value to match Bitcoin‘s peak of 2017. “It achieved 500% in the previous cycle and is now only 30% away from shattering the SEC Lawsuit low,” he added.
Pizzino believes that the major advantage of influencers discussing XRP is that there is still a “large audience interested” in knowing about the project and “optimistic price projects that never appear.”
XRP trading at $0.68 on the 1D chart | Source: XRPUSDT on Tradingview.com
Featured image from iStock, chart from Tradingview.com
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