Ripple (XRP), the sixth-largest cryptocurrency by market capitalization, is generating significant buzz within the crypto community as analysts predict a potential surge in its price.
According to a recent series of tweets by renowned crypto analyst EGRAG Crypto, XRP is on the verge of a major breakout, with a target of $1.6 and the potential to reach even higher levels.
EGRAG Crypto’s analysis revolves around key Fibonacci levels and the 21 Exponential Moving Average (EMA) setup on XRP’s price chart. In a tweet, the analyst confidently stated, “XRP will never close below Fib 0.382 on weekly TF. Wicking on 4h/daily is possible but it has no impact on the long term trajectory & strength of XRP. Next Target: Fib 0.702-0.786. Next Major Pitstop: Fib 1.618-$6.4.”
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Ripple Fibonacci Levels Provide Crucial Support and Resistance
Technical analysts widely use Fibonacci levels to identify potential support and resistance levels in price charts. According to EGRAG Crypto, the 0.382 Fibonacci level serves as a major support for XRP in the weekly timeframe.
While occasional wicks below this level on shorter timeframes like the 4-hour or daily charts are possible, the analyst believes they will not impact XRP’s long-term trajectory and strength.
Looking ahead, EGRAG Crypto has identified the 0.702–0.786 Fibonacci range as the next target for XRP’s price. This suggests that the cryptocurrency could experience significant growth in the near future, potentially reaching new highs. Furthermore, the analyst has pinpointed the 1.618 Fibonacci level, which corresponds to a price of $6.4, as the next major pitstop for XRP.
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In another tweet, EGRAG Crypto highlighted the importance of the 21 EMA setup on XRP’s monthly price chart. The analyst noted that with the monthly candle closing in just two hours, there is a high degree of confirmation that closing more than six monthly candles above the 21 EMA demonstrates the strength of XRP.
At the time of writing, XRP is trading at $0.5827, representing a 4.7% decrease in the past 24 hours. The cryptocurrency has been experiencing a pullback across various timeframes, with a 10% drop over the past 7 days and a 5.8% decline in the past 30 days.
Despite the recent price corrections, the overall market sentiment surrounding XRP remains bullish, largely due to the strong technical indicators and the potential for significant price appreciation highlighted by analysts like EGRAG Crypto.