XRP price is on the rise, up around 90% in the last seven days, providing a bullish outlook for the cryptocurrency. The bullish momentum could just be getting started as XRP approaches the legendary Fibonacci level of 4.236, suggesting a rally to $9 is possible.
XRP price is approaching the Fibonacci level of 4.236, a rise to $9 is possible
In one TradingView postCrypto analyst Lane McMurtrey revealed that the XRP price is close to the Fibonacci level of 4.236 and predicted that the crypto could reach a high of $9.4 following this development. The crypto analyst further explained why this level is crucial when looking for market highs for the crypto.
According to the crypto analyst, it is based on Fibonacci technical analysis4,236 expansion often represents a psychological and mathematical exhaustion for upside moves. Lane McMurtrey explained that in the past, when an asset reaches this level, it leads to large profit-taking and exponential volatility. It also marks the beginning of a market turnaround.
As for the XRP price, the crypto analyst pointed out that this value is calculated based on its market capitalization and not just the price. McMurtrey noted that reaching a market cap of 4,236 is often the ultimate signal of euphoria and time to prepare an exit strategy. He predicted that the peak could be around $9.4, giving market participants insight into which levels they should start making profits.
The XRP price has risen significantly in the last few weeks USDT flipped becoming the third largest crypto market cap. XRP is up over 300% year-to-date (YTD), but McMurtrey’s analysis shows that the cryptocurrency still has much more room to move higher, as he predicts that XRP will peak at around $9.
The price could be significantly higher
Crypto analysts like Dark Defender and Behdrak have predicted that the XRP price could rise much higher and reach double digits. Dark Defender predicts that XRP will rise to $18 sometime next year. In the meantime, Behdark predicts Based on his analysis of the Elliot Wave theory, the cryptocurrency could reach as high as $28.
In a recent X post: Dark Defender gave an update on its XRP price prediction of $18. He explained that $2.1322 and $1.8815 are the next critical support levels to watch out for as XRP has reached $2.9202, which happens to be a Fibonacci level. The crypto analyst expects the cryptocurrency to move between $2.92 and $2.13 in the short term before rising again to the median target level of $3.9993.
At the time of writing, XRP price is around $2.62, up over 2% in the last 24 hours Data from CoinMarketCap.
Featured image created with Dall.E, chart from Tradingview.com