XRP (XRP) Primed For Massive Breakout As It Consolidates Above Key Fibonacci Level
- 王林Original
- 2024-07-01 14:05:171041browse
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.
XRP price has been experiencing a lot of turbulence in recent weeks. The cryptocurrency has been rallying and falling sharply, making it difficult to predict its next move. However, one crypto analyst believes that XRP is setting up for a massive breakout.
Recent analysis shows that the XRP/USD pair is currently consolidating above the 0.236 Fibonacci retracement level. This suggests that a significant upward move could be imminent.
XRP has been experiencing a rollercoaster of price movements recently. The cryptocurrency has been fluctuating between highs and lows as the market reacts to different events. However, on the monthly time frame, a clear pattern is emerging.
As shown on TradingView, XRP is trading at around $0.472. The token has been retracing to the 0.236 Fibonacci level after a period of decline and stabilization.
This suggests that a period of natural consolidation has occurred, and the monthly candle formation closing above the 0.236 Fibonacci retracement level is a strong indication of potential upward momentum.
According to the analyst, the next key target for the token is the 0.5 Fibonacci level, which is around $0.75122. If the token can flip this level decisively, it could set the stage for a much larger rally.
The final target outlined in the analysis is the 1.618 Fibonacci extension level, which corresponds to a price of $6.44858. This target is ambitious and would signal a major bull run for the token.
At the time of writing, XRP price is trading around $0.472, which is close to a crucial support level of $0.468. Several on-chain signals are indicating a sideways trend for the altcoin, despite the large accumulation by large holders.
This situation would limit the cryptocurrency’s price movement within the range of $0.473 to $0.516. The upper limit coincides with the 23.6% Fibonacci Retracement level, which has acted as support during the bear market. While the probability of breaching this level is low, doing so could lead to a recovery for the token.
On the other hand, if the $0.468 support fails to hold, XRP may test the next critical support at $0.460. Dropping below this level would invalidate the bullish-neutral outlook, potentially leading to further declines.
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