The XRP Coin is Ripple’s cryptocurrency that acts as a bridge currency facilitating low-cost, instant cross-border fund transfers. It provides financial institutions with an efficient means to exchange various cryptocurrencies and traditional currencies.
Recently, a popular analyst of EGRAG Crypto shared a tweet on the X platform, pointing out an emerging technical pattern suggesting a potential 1350% surge in Ripple (XRP), indicating a possible parabolic upside from current levels. This development hints at significant growth opportunities for XRP investors.
The analyst EGRAG highlighted that the XRP Coin formed a “Fibonacci Speed Resistance Fan” (FSRF) pattern. This pattern consists of three trend lines with specific Fibonacci ratios, known to serve as significant barriers affecting price movements in both uptrends and downtrends.
#XRP Fib Speed Resistant Fan – FSRF (Update – GLORY AWAITS US IN VALHALLA):
— EGRAG CRYPTO (@egragcrypto) February 19, 2024
For a detailed review of our targets, refer to the post on March 14, 2023, at https://t.co/dUXJakUkWv.
Quick Brief:
The Fibonacci Speed Resistance Fan (FSRF) is a powerful tool in technical analysis,… pic.twitter.com/5cuLapJ9Ii
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According to the analyst’s technical analysis, the XRP Coin faced resistance after reaching its peak last July at the 0.618 FSRF level around $0.75. However, the bullish trend structure has emerged more recently, with XRP achieving consecutive daily closes above the significant 0.5 FSRF mid-line.
XRP Needs to Break the $0.75 Level
The XRP Coin’s first obstacle is anticipated to be at the 0.618 Fibonacci speed resistance fan (FSRF) near $0.75, which was the limit during the previous rally. Following this, the 0.75 FSRF, located around $1, is forecasted to present another challenge.
After breaking above the $1 mark, the analysis indicates a potential upward movement towards the 1.618 Fibonacci extension level around $1.50. This aligns closely with the $1.96 level, which signifies the 1.0 FSRF ceiling. This suggests a significant price target and resistance level to watch for.
Also Read: Ripple (XRP): You Could Have Turned $100 Investments into a $5 Million!
Once the XRP Coin establishes dominance in this area, the analyst anticipates a surge of Fear of Missing Out (FOMO) to occur. This may trigger a bullish wave leading to a significant price surge of more than 1350%, with a projected target price of approximately $27 per XRP.
If XRP successfully closes its weekly candle above the 50 FSRF, positioned around $0.50 at present, there is a higher likelihood of an upward breakout based on observations.
How High Will XRP Go in 2024?
As we found on CoinMarketCap, the XRP Coin is currently trading at $0.5416 with a 2% down in value in the last 24 hours. Ripple’s XRP holds a market cap of $295 billion with a trading volume of $13.5 billion over the last 24 hours.
As per our expert’s technical analysis, the XRP Coin can reach a maximum price level of $2.352 with an average trading value of $2.130 by the end of 2024. If the market gets a bearish trend or any negative news surrounding the Ripple ecosystem, the value of the XRP Coin can go down to $1.997 by 2024.
Also Read: Ripple (XRP) vs Cardano (ADA): Battle for the First $1 – Who Will Win?
Disclaimer: The information in this article should not be considered anything as financial advice, and the OvenAdd platform is intended only to provide educational and general information. Please consult with a financial advisor before making any investment decisions.
