As a seasoned crypto investor with a knack for spotting trends and patterns, I find the recent surge of XRP intriguing. The 90% increase in the last seven days is a testament to its bullish potential, and I’m particularly interested in Lane McMurtrey’s analysis regarding the 4.236 Fibonacci level.
Over the past week, the price of XRP has experienced significant growth, climbing approximately 90%. This surge in value suggests an optimistic forecast for cryptocurrency. Furthermore, with XRP approaching the notable Fibonacci level of 4.236, there’s a possibility that this bullish trend could intensify, potentially driving the price up to $9.
XRP Price Approaches 4.236 Fib Level With A Rally To $9 Possible
In a recent TradingView update, crypto expert Lane McMurtrey noted that XRP’s price is close to the 4.236 Fibonacci point and anticipates it might reach approximately $9.4 as a result of this trend. McMurtrey elaborated on why this level holds significance when identifying potential market peaks for XRP.
In the viewpoint of crypto analysts, using Fibonacci technical analysis, the 4.236 extension commonly signals a psychological and mathematical exhaustion point for bullish trends. As explained by Lane McMurtrey, this level has historically prompted significant selling due to profit-taking and extreme market volatility. It also indicates the start of a market shift or reversal.
The analyst mentioned that the price level for XRP isn’t determined solely by its current value; instead, it takes into account its total market capitalization. McMurtrey pointed out that when the market cap reaches approximately 4.236, it usually signifies a peak of enthusiasm and the moment to consider a withdrawal plan. He forecasted that the maximum could be around $9.4, giving investors a heads-up about the levels at which they should begin planning for profit-taking.
In the past few weeks, the value of XRP has experienced a substantial increase and has overtaken USDT to take the third-largest spot in the cryptocurrency market cap. To date this year, XRP has already risen by more than 300%, but according to McMurtrey’s analysis, there is still potential for further growth as he anticipates that XRP could reach approximately $9 in the near future.
Price Could Still Go Much Higher
Experts such as Dark Defender and Behdrak anticipate that the price of XRP might significantly increase and potentially surpass double-digit figures. Dark Defender speculates that XRP will experience a surge to approximately $18 at some point next year. In contrast, Behdark suggests that the digital currency could peak as high as $28, according to his analysis based on Elliot Wave theory.
In a recent X post, Dark Defender provided an update on his $18 XRP price prediction. He stated that $2.1322 and $1.8815 are the next critical support levels to watch out for as XRP reached $2.9202, which happens to be a Fib level. The crypto analyst expects the crypto to range between $2.92 and $2.13 in the short term before another rally to the mid-target level of $3.9993.
Currently, as I’m typing this, the value of XRP stands approximately at $2.62. In the past 24 hours, it has seen a rise of more than 2%, based on information provided by CoinMarketCap.
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2024-12-04 21:11