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

The price of XRP is currently witnessing corrections after a dramatic six-week rally. It is worth noting that XRP The price recently peaked at $2.82accessible Highest level since January 2018Before it declined over the past 24 hours. This pullback has seen the price of XRP fall by about 12% over the past 24 hours as the price of Bitcoin crossed the psychological threshold of $100,000.

Despite the current correction, cryptocurrency analyst Dark Defender points out that XRP is still on track for further gains, with Fibonacci levels indicating an 80% price upside from the current price.

XRP price reaches key Fibonacci levels amid correction

Dark Defender, a famous cryptocurrency analyst, Share his thoughts on social media platform Fibonacci retracement and extension levels often serve as crucial indicators of support and resistance during uptrends and downtrends.

According to the 4-hour XRP/USD candlestick price chart that accompanied his forecast, Continuous correction began After XRP reached the 261.8 Fibonacci extension level. According to him, this decline is not unexpected, given the recent rise. Interestingly, he also noted that sideways movements are likely to continue before the rally resumes.

Price targets

In his post, Dark Defender emphasized that XRP’s bullish momentum remains despite the short-term correction. Regarding the price prediction, he highlighted two main targets at $2.92 and $3.99, which translates to an increase of 27.5% and 80%, respectively, from the current price level. Interestingly, hitting the second target price would break the XRP price above its all-time high of $3.40, which has been there for almost seven years. Although this all-time high price has remained elusive for a long time, current market trends and buying momentum suggest that it will be broken before the end of the year.

On the other hand, Dark Defender highlighted the key support levels to watch at $2.27 and $2.13. The second support at $2.13 is the most prominent because it is in line with the 161.80% Fibonacci extension level and represents the expected end of the corrective phase of wave C in Elliott wave analysis.

At the time of writing, XRP is trading at $2.30, down 12.3%. However, it is still up 55% and 351% in the past 24 hours and seven days, respectively.

For now, the sentiment surrounding XRP remains bullish The XRP price rally could resume anytime soon. The main driver of this optimism is The upcoming launch of Ripple’s RLUSD, Which is scheduled to be released anytime soon.

However, there is no specific launch date for RLUSD yet, With Ripple in the spotlight recently It is awaiting final approval from the New York State Department of Financial Services (NYDFS).

Featured image created with Dall.E, chart from Tradingview.com