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The action of XRP prices in the last seven days has been Nothing less than impressive. The cryptocurrency again reached more than $ 2.6 in the last 24 hours, the first time that the beginning of March about two months ago. This movement aligned itself on the upward trend projected by several analysts, which refers to the levels of fibonacci To draw the future XRP trajectory.
In particular, the interesting prospects of an crypto analyst on the social media platform X using Fibonacci levels suggest that XRP will reach $ 8.40 and $ 27 Cycle.
The analyst points to Fibonacci targets $ 8.40 and $ 27
The price structure of XRP in the current cycle was significantly shaped by its rupture Above a tightening of the corner formation, which had a compressed price action of 2021 at the first months of 2024. This training, clearly visible on the monthly time of candlestick, served as a multi-year consolidation zone which closed the dynamics up and defined a market linked to the beach.
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The possible break in this structure ended an extended bear market And started a new upward phase. Although the last months have been full of corrections and consolidations after XRP reached $ 3.31 in January, the recent market momentum indicates the next step up.
A crypto analyst on the social media platform X said two Fibonacci extension levels which could serve as target areas during the next impulsive XRP wave. According to the analysis, XRP reached its Fibonacci extension targets of 1,272 and 1.618 during the last cycle after having broken with a similar multi -curricular corner structure in 2017.
Interestingly, this decision in 2017, leading to the current price action, is part of the same structure in the number of Elliott waves. As shown in the graphic, XRP was launched by a minimum of $ 0.00,310 in 2017 at a summit of $ 3.40 in 2018 during its third wave (labeled (3)), reaching the two levels of fibonacci extension of 1.272 and 1.618 before being in the four.
According to the analyst, the current price action since 2020 is the formation of the fifth wave of pulse. By applying the same logic of extension to the current structure from the lowest of 2020 of $ 0.11379, a transition to these Fibonacci extensions indicates a target of $ 8.40 to 1.272 and $ 27.23 to the 1.618 extension.
XRP to reach $ 8.40 or even $ 27 this market cycle?
That XRP can go realistically to $ 8.40 or even $ 27 on this market The cycle remains to be seen. Although the 2017 to 2018 gathering where XRP has climbed more than 1,000% in a few weeks offers a convincing case, market conditions are today more complex. The amount of the entries and the negotiation volume necessary to push the XRP price to such levels would be much higher than those observed before.
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However, From a technical point of viewThese fibonacci targets can be reached when you consider how similar price structures have behaved in the past. An example is the rally from $ 0.00,310 to more than $ 3.40 in 2017. A similar analysis by Crypto Ali Martinez analyst suggests that XRP The price could reach $ 15 very soon.
At the time of writing the editorial staff, XRP is negotiated at $ 2.50, up 3.4% in the last 24 hours with an intraday summit of $ 2.61.
Getty Images star image, tradingView.com graphic