The cryptocurrency market has been very volatile in recent weeks, and XRP has been part of this trend. Crypto analyst Egrag Crypto believes that XRP is on the verge of a big breakout. while he pointed out the recent analysis, Egrag pointed out that the XRP/USD pair is currently consolidating above the 0.236 Fibonacci retracement level. This suggests that a significant upward move might be near.
XRP has experienced a rollercoaster of price movements recently, fluctuating between highs and lows as the market reacts to various events. Despite the turbulence, the monthly time frame shows a promising pattern. According to TradingView, XRP is trading at around $0.472, having retraced to the 0.236 Fibonacci level after a period of decline and stabilization.
Egrag points to a period of natural consolidation. The monthly candle formation closing above the 0.236 Fibonacci retracement level is a strong indicator of potential upward momentum. The next significant target for the token, according to Egrag, is the 0.5 Fibonacci level at approximately $0.75122. If the token can flip this level with conviction, it could set the stage for a much larger rally.
The ultimate target outlined in the analysis is the 1.618 Fibonacci extension level, which corresponds to a price of $6.44858. This ambitious target represents a substantial increase from current levels, signalling a potential major bull run for the token.
Support Levels Dictate XRP’s Price
At the time of writing, the price of XRP is approximately $0.472, hovering near a significant support level of $0.468. Despite substantial accumulation by large holders, these signals indicate a sideways trend for the altcoin.
This situation would confine the cryptocurrency’s price movement within the range of $0.473 to $0.516. The upper limit aligns with the 23.6% Fibonacci Retracement level, a known support during bear markets. Although the likelihood of surpassing this level is low, doing so could spark a recovery for the token.
Conversely, if the $0.468 support fails, XRP may test the next critical support at $0.460. Falling below this level would undermine the bullish-neutral outlook, potentially leading to further declines.
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