Fibonacci levels now suggest XRP’s price rally could persist, potentially leading to an 80% increase.
The XRP price is currently undergoing a correction following an impressive six-week rally.
Recently, it peaked at $2.82, marking its highest point since January 2018, before experiencing a decline of about 12% in the last 24 hours.
This drop coincided with Bitcoin breaking the significant $100,000 mark, drawing attention from traders and investors alike.
Despite this temporary setback, crypto analyst Dark Defender remains optimistic about XRP’s future.
He points to Fibonacci levels that suggest a potential price increase of 80% from the current levels, indicating that XRP is still positioned for further gains.
Analyzing the Correction
Dark Defender shared his insights on social media, analyzing XRP’s price movements using Fibonacci levels to identify key price targets and support levels.
Fibonacci retracement and extension levels are known for providing critical support and resistance insights during both upward and downward trends.
According to his analysis, the recent correction began after XRP reached the 261.8 Fibonacci extension level.
He noted that this pullback is not surprising given the rapid ascent in price, and it’s likely that sideways trading will continue before another rally takes off.
Future Price Targets
In his analysis, Dark Defender emphasized that XRP’s bullish momentum remains strong despite the current correction.
He identified two significant price targets: $2.92 and $3.99, representing potential increases of 27.5% and 80%, respectively, from its current price.
Achieving the latter target would mean breaking through XRP’s long-standing all-time high of $3.40, a level that has remained unchallenged for nearly seven years.
Current market trends and buying activity suggest that this milestone could be reached before the year’s end.
He also pointed out key support levels to monitor: $2.27 and $2.13.
Notably, the latter aligns with the 161.80% Fibonacci extension level and is seen as the likely conclusion of the Wave C corrective phase in Elliott Wave analysis.
As of now, XRP is trading at $2.30, down 12.3%, yet it remains up 55% over the last 24 hours and an impressive 351% over the past week.
The overall sentiment around XRP remains bullish, with many anticipating a resumption of the price rally in the near future.
A significant factor contributing to this optimism is the impending launch of Ripple’s RLUSD, which is expected soon, although a specific launch date is still pending approval from the New York State Department of Financial Services (NYDFS).
In summary, while XRP is facing a correction, the underlying bullish sentiments and technical indicators suggest that this may be a temporary phase before another upward movement.
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Also Read: AI Now Provides Best Short Term And Long Term XRP Scenario
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