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bullish

Dark

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Currently, the XRP price is undergoing a correction following a remarkable six-week rally. Recently, it hit a peak of $2.82, marking its highest point since January 2018, but has since retreated. Over the past 24 hours, XRP has declined by approximately 12%, coinciding with Bitcoin surpassing the significant $100,000 mark. Despite this correction, crypto analyst Dark Defender maintains an optimistic outlook for XRP, projecting an 80% surge from current levels based on Fibonacci analysis.
In a detailed <a href="https://bitcoinist.com/fibonacci-levels-xrp-price-80/" rel="noopener noreferrer nofollow">analysis</a>, Dark Defender elucidated XRP’s price dynamics through Fibonacci levels, identifying crucial price targets and support levels. Fibonacci retracement and extension levels frequently indicate pivotal support and resistance points during market rallies and declines.
Utilizing the XRP/U.S. Dollar 4-hour candlestick chart, Dark Defender observed that the ongoing correction initiated after XRP reached the 261.8 Fibonacci extension level. This pullback, he notes, is not unexpected given the prior rally. He anticipates sideways movements before a resumption of the rally.
Emphasizing the enduring bullish momentum of XRP despite the short-term correction, Dark Defender identified price targets at $2.92 and $3.99. Achieving these targets would represent increases of 27.5% and 80% from current levels, respectively. Notably, surpassing the second target would propel XRP beyond its current all-time high of $3.40, a ceiling unbroken for nearly seven years. Current market forces and buying trends suggest this milestone may indeed be eclipsed by year-end.
Conversely, he pinpointed crucial support levels at $2.27 and $2.13, with the latter aligning with the 161.80% Fibonacci extension level and signifying the prospective conclusion of the Wave C corrective phase in Elliott Wave analysis.
As of now, XRP is trading at $2.30, reflecting a 12.3% drop. Nonetheless, it boasts gains of 55% and 351% over the past 24 hours and seven days, respectively. Sentiment around XRP remains bullish, indicating that the rally could resume shortly.
A key factor driving this optimism is the impending launch of Ripple’s RLUSD. Although Ripple awaits final approval from the New York State Department of Financial Services (NYDFS), a specific launch date for RLUSD has yet to be set.

XRP's Technical Analysis Suggests 80% Breakout According to Fibonacci Metrics

Yellow News

Other articles published on Dec 6, 2024

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