XRP poised for 1200 surge following successful reversal at this level
In recent days, with the broader cryptocurrency market showing positive momentum, investors in XRP are eagerly anticipating a potential breakthrough above the $0.50 consolidation zone. Crypto analyst Egrag Crypto shared insights in a June 30 post suggesting that XRP could see further gains, potentially surging past the $6 mark. This projection is grounded in the observation of critical Fibonacci levels specific to XRP, notably highlighting the significance of closing the current monthly candle above the 0.236 Fibonacci level.
The pattern observed is seen as a natural phase of consolidation, typically preceding a potential breakout. The next major target identified is the 0.5 Fibonacci level around $1. Should XRP exceed this barrier with robust momentum, the path to the 1.618 level and subsequently to $6.4 becomes increasingly viable, implying a remarkable surge of over 1,200% from its current price.
“Over the past couple of weeks, amidst the ongoing saga, the monthly candle has closed above Fib 0.236, signaling a phase of natural consolidation! The next target: Fib 0.5! Once flipped with conviction, we aim for Fib 1.618 ($6.4),” remarked the expert.
The projected price movement would be welcomed within the XRP community, which has been assessing the token’s long-term viability amid concerns about its relative underperformance compared to other top cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH). Despite ongoing consolidation below $1, prevailing market sentiment suggests XRP still possesses the potential for a substantial rally, once it overcomes current challenges such as the legal disputes involving Ripple and the Securities Exchange Commission (SEC).
According to Finbold, Trading Shot, a noted crypto analyst, highlighted historical price trends that indicate potential growth opportunities for XRP, implying premature discussions about its collapse. In the short term, analyst RLinda pointed out a possible next target of $0.73 for XRP, noting ongoing tests of wedge resistance and asserting that maintaining support above $0.46 could pave the way towards this goal.
Ultimately, the outcome of the legal proceedings remains a pivotal factor determining whether XRP will break free from its current consolidation. Presently, both Ripple and the SEC await a resolution on the matter, which centers on allegations that Ripple violated federal securities laws in its sale of XRP.
On the weekly chart, XRP’s recent trading patterns reveal signs of consolidation, currently trading at $0.48 with marginal gains over a 24-hour period. Throughout the past week, support levels fluctuated between $0.468 and $0.475, with resistance encountered around $0.485 and $0.490 on July 1.
Despite occasional rebounds, XRP continues to face bearish sentiments, consistently trading below its 200-day simple moving average. Moreover, the cryptocurrency remains significantly distant, 88% below its all-time high, and contends with an annual inflation rate of 6.08%.
These metrics underscore the substantial challenges XRP must overcome amidst its current circumstances. It’s essential to note that the information presented here should not be construed as investment advice; cryptocurrency investments inherently carry risks, and potential investors should conduct thorough research and consider their risk tolerance before making any financial decisions.
