XRP Could Skyrocket 8387% To a Whooping $44, Expert Predicts
In the recent update, the experienced market analyst known as Egragcrypto presented an insightful viewpoint in a recent publication on X, drawing on Fibonacci channel analysis.
Overview of the Analysis
The provided chart displays the historical performance of XRP since its inception, demonstrating upward movements that align with key Fibonacci levels. The analyst highlighted the potential for XRP to rally towards the Fibonacci channel levels of 0.5, 0.618, and 0.702, as indicated by green circles on the chart. These levels correspond to the peak points XRP achieved during its bullish cycles in 2014, 2017, and 2021.
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The analyst is now applying the Fibonacci levels from previous cycles to project potential peak levels for XRP in the current cycle. Based on this analysis, the Fibonacci channel levels of 0.5, 0.618, and 0.702 correspond to significant price targets of $13, $27, and $44 for XRP in this cycle. It was emphasized that these price points are considered “conservative” targets for XRP in the current season.
Price Action
At the time of the report, XRP was trading at $0.5184, marking an 11.2% decrease. Despite nearing the critical $0.5 region, the analyst believes that the seventh-largest cryptocurrency could potentially surge by 2,407% in the near term. The upper target of $44 would require a more substantial upswing of 8,387%.
It is worth noting that this ambitious price growth forecast is not the analyst’s first. Previous analyses have also indicated the potential for XRP to exceed $27 in the ongoing cycle, based on various technical formations. However, these projections have yet to materialize.
In response to the latest projection of $44 as a “conservative” target, a commenter expressed skepticism, suggesting that such a price might only materialize in the distant future. The analyst maintained that the outlook is consistent with historical chart patterns.
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Meet Daniel Abang: Crypto guru, content creator, and analyst. With a deep understanding of blockchain, he simplifies complex concepts, guiding audiences through the ever-changing crypto landscape. Trusted for his insightful analysis, Daniel is the go-to source for staying informed and empowered in the world of cryptocurrency.
