Last week saw a significant surge in Ripple‘s (XRP) price, marking an end to its two-week period of stability. This spike could potentially ignite a bullish trend. Analyzing XRP’s price using the Fibonacci tool suggests a potential target of around $150, which represents a substantial increase. However, it remains to be seen if such a significant rally is feasible.
Fibonacci Analysis Predicts XRP Price Target of $150
From early 2014 until April 2017, the price of XRP fluctuated within a specific range, spanning from approximately $0.0289 to $0.0618. By applying Fibonacci ratios to this range, we find that the peak of the cycle occurred at around $3.317, which is located between the 272.2% and 241.4% Fibonacci extension levels.
2024’s latter part saw a contraction in volatility, which sparked an impressive parabolic surge. This freshly established range mirrors the one that existed from 2014 to 2017, with values ranging from approximately $0.114 to $2.905. By applying the Fibonacci tool, we find potential extension levels at around $178 and $282, which correspond to 272.2% and 241.4% respectively.
As an analyst, I find it improbable that Ripple’s price will surpass three digits in the near future. However, let’s delve into some significant advancements the company has made and plans to achieve by 2024. These developments could potentially impact the cryptocurrency’s value positively.
Ripple’s Fundamental Developments Boost XRP’s Value
Ripple has made substantial advancements lately, one of which being the introduction of RLUSD on December 17th. This is a stablecoin that’s tied to the U.S. dollar, and it’s expected to strengthen Ripple’s influence in the digital payments sector.
Furthermore, Brad Garlinghouse, CEO of Ripple, voiced optimism towards the new congress, labeling it as the “most pro-cryptocurrency congress.” Garlinghouse is also positive about Ripple’s expansion in the United States market, pointing out that three-quarters of its open positions are now located within the U.S. The executive emphasized that more deals with American companies have been secured by Ripple in the last six weeks of 2024 than in the preceding six months.
From my perspective as an analyst, I’ve noticed that Ripple’s XRP Ledger has been generating quite a buzz lately. Its decentralized exchange, cross-currency payment capabilities, and payment channel features are certainly noteworthy. Moreover, the recent development of smart contract functionality on the XRP Ledger, facilitated by the Hooks amendment, is another impressive advancement that has caught my attention.
Can XRP Price Realistically Hit $100?
In combination with its technical aspects, the fundamentals provide a strong push to elevate the cost of XRP. However, the mentioned triple-digit goal appears extremely remote and improbable, going against what Fibonacci analysis indicates. A more practical yet ambitious prediction for XRP’s price this cycle is $20, as previously suggested in an article.
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2025-01-06 09:33