Analysts predict that Ripple’s (XRP), which is the sixth largest cryptocurrency in terms of market capitalization by far, will see a surge in price.
A recent series of tweets According to renowned crypto analysts EGRAG Crypto XRP could be on the cusp of a breakout. The target is $1.6 with the possibility of reaching even higher levels.
EGRAG Crypto, in its analysis of XRP price charts, focuses on key Fibonacci level and 21 Exponential Movement Averages (EMA). The analyst stated confidently in a Tweet. “XRP will never close below Fib 0.382 on weekly TF. Wicking on 4h/daily is possible but it has no impact on the long term trajectory & strength of XRP. Next Target: Fib 0.702-0.786. Next Major Pitstop: Fib 1.618-$6.4.”
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Fibonacci Ripple Levels Offer Crucial Resistance and Support
Fibonacci numbers are widely used to help identify possible support and opposition levels on price charts. According to EGRAG CryptoThe 0.382 Fibonacci number is a key support level for XRP on a weekly basis.
Analysts believe that while occasional wicks may be below this level in shorter timeframes such as the daily or 4-hour charts, they won’t affect XRP’s trajectory over the long term.
Looking ahead, EGRAG Crypto has identified the 0.702–0.786 Fibonacci range as the next XRP price target. It is possible that the price of XRP could reach new highs in the coming months. Analysts have also pinpointed a Fibonacci price level of 1.618, or $6.4 as the best. next Major Pitstop for XRP
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EGRAG Crypto also highlighted in a tweet the significance of the 21 EMA on XRP’s monthly chart. According to the analyst, with the close of the month candle coming up in two hours’ time, it is a confirmation that XRP has a lot of strength.
The current price of XRP, $0.5827 represents a drop of 4.7% over the last 24 hour. XRP has seen a drop in price across multiple timeframes. It fell by 10% over the last 7 days, and 5.8% within the past 30.
Analysts like EGRAG Crypto have highlighted that despite recent price corrections the market is still bullish. This is largely because of the positive technical indicators, and potential price increases.
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Source: watcher.guru