XRP Price Soars as It Nears the Pivotal 4.236 Fibonacci Level
XRP has experienced a remarkable surge, recording an impressive 90% increase over the past week. This bullish trend hints at further upward potential as XRP approaches the significant 4.236 Fibonacci level, which could potentially propel its value to $9.
XRP’s Bullish Trend and the 4.236 Fibonacci Level: A Path to $9
In a recent analysis shared on TradingView, crypto expert Lane McMurtrey highlighted that XRP is approaching the crucial 4.236 Fibonacci extension. McMurtrey suggests that this could lead the cryptocurrency to reach a peak of $9.4. He emphasized the significance of this level in identifying potential market tops for XRP.
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According to McMurtrey, the 4.236 Fibonacci extension is a key marker in technical analysis, often signaling a point of psychological and mathematical exhaustion for bullish trends. Historically, reaching this level has led to substantial profit-taking and heightened volatility, often signaling the onset of a market reversal.
For XRP, this level is calculated based on its market capitalization rather than just its price. McMurtrey noted that when the market cap aligns with the 4.236 level, it typically indicates euphoria, suggesting that investors should consider formulating an exit strategy. He forecasts a potential peak of around $9.4, providing crucial insights for investors on when to secure profits.
The recent surge in XRP’s value has propelled it past USDT to become the third-largest cryptocurrency by market cap. Despite a year-to-date increase of over 300%, McMurtrey’s analysis suggests that XRP has considerable room for further growth, with a potential peak around $9.
Potential for Even Higher Gains
Other crypto analysts, such as Dark Defender and Behdrak, also foresee the possibility of XRP reaching even greater heights. Dark Defender projects a rally to $18 sometime next year, while Behdrak anticipates a potential surge to $28, based on his analysis using Elliot Wave theory.
In a recent update shared on social media, Dark Defender reiterated his prediction of XRP reaching $18. He identified $2.1322 and $1.8815 as critical support levels to monitor as XRP approaches $2.9202, a key Fibonacci level. The analyst expects XRP to fluctuate between $2.92 and $2.13 in the near term before advancing to a mid-term target of approximately $3.9993.
Currently, XRP is trading at approximately $2.62, reflecting a more than 2% increase in the past 24 hours, according to CoinMarketCap data. This resilience in price comes after a brief retracement, showcasing the cryptocurrency’s potential for further upward momentum.
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