With the digital asset market being led by Bitcoin’s (BTC) climb to $62,000, there is a lot of optimism surrounding other cryptocurrencies. Indeed, one emerging candidate for a similar rally could be Ripple, with XRP on the path to $1 thanks to two critical signals.
Digital Asset analyst Dark Defender took to X (formerly Twitter) to share a rather interesting observation. Specifically, they noted that XRP had closed both above the daily Ichimoku Clounds, and within the bullish hammer. With a massive surge in sight, let’s explore exactly what that could mean for the digital asset.
Also Read: Ripple: XRP Forecasted To Surge 200%
XRP Bulls Could Be Set to Push Ripple Past $1
The past week has been immensely positive for the digital asset market. Bitcoin and Ethereum (ETH) have both led the way, with the former at its highest level since November 2021. Yet, many investors are anxiously awaiting what other tokens could benefit from the rising BTC.
Subsequently, one asset that may be posed for an increase is Ripple, with XRP on the path to $1 following two crucial signals. Specifically, the aforementioned Ichimoku clouds and bullish hammers technical indicators could set the stage for a massive turn upward for the token.
Also Read: Ripple: When Will XRP Reach $1?
Firstly, the Ichimoku clouds reference technical analysis that shows support and resistance levels alongside the momentum and trend direction. These levels are plotted on a chart and utilized for forecasts. Subsequently, Dark Defender notes a close above the indicator, informing a $1 target for XRP.
Alternatively, the Bullish hammer is about one specific candlestick pattern. Specifically, this typically shows that a token has reached the bottom. Therefore, there is an impending reversal upward, which is predicted here for XRP.
Currently, Ripple (XRP) is trading at just under $0.60, according to CoinMarketCap. Furthermore, that value shows a 5.72% increase in the last 24 hours alone. Subseuqnlety, the token may continue to climb after breaking through the $0.50 level it had spent much of last week.
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