Fibonacci Levels Indicate XRP Price Rally Will Continue For 80% Upsurge – What You Should Know

by

As a seasoned crypto investor with a knack for spotting trends and understanding market dynamics, I find myself intrigued by Dark Defender’s analysis of XRP‘s current correction. Having navigated numerous bull and bear markets over the years, I can attest to the importance of Fibonacci levels in predicting price movements.

Right now, the cost of XRP is adjusting following a powerful six-week surge. It’s worth noting that the XRP price hit its highest point since January 2018 at $2.82, but in the last 24 hours, it has retreated, causing the price to drop approximately 12%. This downturn occurred as Bitcoin‘s price surpassed the symbolic $100,000 mark.

Despite the current correction, crypto analyst Dark Defender suggests XRP is still on track for further gains, with Fibonacci levels indicating an 80% price upsurge from the current price. 

XRP Price Hits Key Fibonacci Levels Amidst Correction

On social media platform X, renowned cryptocurrency analyst Dark Defender offered his analysis on the price fluctuations of XRP. He discussed how Fibonacci levels were influencing XRP’s price movements, highlighting potential price targets to watch and crucial support levels to monitor. These Fibonacci retracement and extension levels frequently function as vital markers of support and resistance during market uptrends and downturns.

Based on a 4-hour candlestick chart for XRP/USD that he provided, the current correction started when XRP hit the 261.8 Fibonacci extension level. He finds this pullback predictable due to the recent surge in price. Notably, he suggests that sideways movements might persist before the uptrend resumes again.

Targets For The Price

Dark Defender underscores in his post that the upward trend for XRP remains strong even amidst temporary adjustments. He points out potential future prices at $2.92 and $3.99, representing a 27.5% and 80% increase respectively from the current value. Remarkably, attaining the second price point would surpass XRP’s existing all-time high of $3.40, a level unbroken for approximately seven years. While this historic peak has been difficult to achieve thus far, the present market dynamics and purchase momentum indicate it could be broken before year-end.

Instead, let me rephrase that statement for you: Dark Defender emphasized two potential support points to focus on – at $2.27 and $2.13. The second one at $2.13 stands out because it coincides with the 161.80% Fibonacci extension level, which is where Elliott Wave analysis suggests the end of the corrective phase Wave C might occur.

Currently, the value of XRP stands at approximately $2.30 per unit, marking a decrease of 12.3%. Despite this short-term drop, it’s important to note that over the last day, its price has increased by a significant 55%, and in the past week, it has surged an impressive 351%.

Currently, the general feeling towards XRP is positive, suggesting a potential resumption of its price surge at any moment. This optimism is largely fueled by the impending release of Ripple‘s RLUSD, which is expected to launch very soon.

Currently, no specific launch date has been set for RLUSD. Ripple has mentioned that they are awaiting final approval from the New York State Department of Financial Services (NYDFS) before proceeding.

Read More

2024-12-05 23:41