XRP Price Reaches Legendary 4.236 Fibonacci Level Once Again, Is A Rally To $9 Possible From Here?

By Investor Empires On Dec 4, 2024

The price of XRP has been on the rise, with gains of around 90% in the past seven days, providing a bullish outlook for the cryptocurrency. this Bullish momentum It may have just begun with XRP approaching the legendary 4,236 Fibonacci level, indicating the potential for a rally to $9.

XRP price is approaching the 4.236 Fibonacci level with a potential rise to $9

In a TradingView ShareCryptocurrency analyst, Len McMurtry, revealed that the price of XRP is approaching the Fibonacci level of 4.236, and he expected the price of the cryptocurrency to reach $9.4 after this development. The cryptocurrency analyst also explained why this level is important when monitoring market tops for cryptocurrencies.

According to a cryptocurrency analyst, based on Fibonacci Technical analysisThe 4.236 extension often represents psychological and mathematical exhaustion for upward movements. Historically, when an asset reaches this level, it results in huge profit taking and huge volatility, said Len McMurtry. It also marks the beginning of a market reversal.

Source: X

As for the price of XRP, the cryptocurrency analyst pointed out that this level is calculated based on its market value, not just the price. McMurtry noted that the market cap reaching 4,236 is often the final signal of euphoria and time to prepare an exit strategy. He expected the maximum to reach around $9.4, providing market participants with insights into what levels they should start making profits at.

The price of XRP has risen significantly in the past two weeks USDT flipped To become the third largest market value of cryptocurrencies. The price of XRP is up over 300% year-to-date (YTD), but McMurtrey’s analysis shows that the cryptocurrency still has much more room to move to the upside as he expects the price of XRP to reach around $9.

The price could still go up a lot

Cryptocurrency analysts like Dark Defender and Behdrak have predicted that the price of XRP could rise significantly and reach double digits. Dark Defender predicts that the price of XRP will rise to $18 sometime next year. Meanwhile, He predicts your destruction That the cryptocurrency could reach $28 based on Elliot Wave theory analysis.

In X’s last post, Dark Defender He provided an update on his forecast for the XRP price of $18. He stated that $2.1322 and $1.8815 are the next crucial support levels to pay attention to as XRP reached $2.9202, which is the Fibonacci level. The cryptocurrency analyst expects the price of the cryptocurrency to range between $2.92 and $2.13 in the short term before another rise to the intermediate target level of $3.9993.