XRP is now oversold on all major time frames, signaling weakening momentum as its price continues to test key support levels. Crypto analyst Dark Defender revealed that this could be the bullish signal the broader market has been waiting for, suggesting a potential recovery could be on the horizon. He based his view on historical patterns, noting that the last time XRP reached similar oversold conditions, the cryptocurrency experienced sharp rise to new highs.
XRP’s oversold levels signal explosive triple-digit growth
UX released on June 6, Dark Defender recorded that XRP Relative Strength Index (RSI) shows extreme downward pressure, as cryptocurrency has fell into a deeply oversold area in multiple chart views. According to the analyst, the last time XRP fully confirmed this textbook oversold structure was when it was trading around $0.56 in 2024. After that, the cryptocurrency’s price exploded to $3.66, a gain of more than 550%.
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Dark Defender noted that XRP is currently trading above $1.10 and has reached the same oversold levels. If historical trends play out as expected, the analyst believes XRP could experience a similar price surge.
In particular, Dark Defender predicts a double- or triple-digit rise for XRP. He noted that this price reversal is closer than investors think, highlighting his confidence in XRP’s ability to break out of its constant downward trend.
While historical trends can provide insight into how a cryptocurrency might move, they do not automatically guarantee the direction of its price. In 2024, XRP not only reached $3.6; it also confirmed a bottom around $0.5 before reaching that target. Following analysts’ logic, this could mean that XRP has confirmed its lower price limit for this cycle, setting the stage for a renewed bullish trend.
If that’s true, that would officially end it XRP bearish market trendwhich lasts from the beginning of the year. Namely, data from CoinMarketCap shows that XRP has fallen by more than 12% over the past two weeks and more than 18% over the past month. These price drops are encouraged great sales pressureweak structure and lack of growth drivers. Despite his poor performanceanalysts like Dark Defender continue to have strong bullish views on XRP’s long-term prospects.
The analyst says that XRP’s breakout level remains unchanged
Sharing a similar bullish projection, cryptoanalyst Javon Marks declared that XRP’s breakout target has not changed despite recent price declines and weak momentum. Marks projected a potential upside towards $15-18, suggesting that XRP’s underlying bullish fundamentals are still intact.
He expects XRP to recover sharply from the bearish trends after it breaks the upper boundary of the triangle pattern highlighted on the accompanying chart. If this happens, there could be a price increase of approximately 1100%.
Featured image from Adobe Stock, chart from Tradingview.com
