- XRP has the right set-up to soar to $1.3 with market analyst EGRAG Crypto sharing the feasibility.
- XRP has remained resilient over the past few months and analysts believe its days of trading below $1 are almost over.
As XRP, Ripple Labs Inc.’s associated cryptocurrency continues its upward rise, market analysts have started outlining strategic conditions necessary for sustaining this bullish momentum and potentially propelling XRP to the $1.3 mark.
XRP the Altcoin Rally
Over the weekend, XRP emerged as one of the standout performers amidst an altcoin rally, embarking on a bullish trajectory that has left many observers optimistic about its future potential.
Leveraging this momentum, XRP surged past the $0.60 mark on March 2, closing the day at $0.6442, while showcasing a remarkable 7.13% intraday gain. Although a minor correction followed on March 3, XRP remained resilient, holding above $0.62. Currently, XRP is trading at $0.6555, demonstrating a 4.6% increase in the past 24 hours, with market capitalization standing at $35.8 billion.
Prominent market analyst EGRAG CRYPTO has outlined key criteria essential for XRP to maintain its current trajectory. According to EGRAG, one of the primary requirements for sustaining momentum is a series of daily closes above the critical Fibonacci 0.382 level, currently situated at the $0.6003 price threshold.
#XRP Bulls’ Next Task:
For the bullish momentum in #XRP to sustain, the bulls need to achieve a couple of consecutive closes above the Fibonacci 0.382 level in the short term.
The next critical milestone for the bulls is to secure a daily close above the Fibonacci 0.5 level,… pic.twitter.com/cE5KdqQdMe
— EGRAG CRYPTO (@egragcrypto) March 2, 2024
Notably, the last time XRP achieved multiple closes above this level was in late November 2023, preceding a notable price surge that saw XRP reach a high of $0.70 on December 9, 2023. Recent data indicates that XRP has continued to register closes above the Fibonacci 0.382 level, with a closing price of $0.6442 on March 2 and $0.6271 on March 3, despite the correction.
XRP’s Fibonacci Levels and Price Targets
EGRAG has identified $0.7529 as the next formidable target for XRP, corresponding to the Fibonacci 0.5 level. The analyst highlighted that the attainment of a daily close above this threshold could serve as a catalyst for further upward momentum.
Notably, the coin has not registered a daily close above $0.7529 since July 21, 2023. Additionally, EGRAG has noted the importance of Fibonacci levels 1.236, 1.414, and 1.618, which represent potential reversal or continuation points, as well as price targets or crucial turning points in the market.
EGRAG’s analysis emphasizes the importance of closely monitoring the “W” formation on the three-day chart, which remains valid and is unfolding as anticipated. Taking into account both logarithmic and non-logarithmic scales, the analyst has set a target of $1 on the logarithmic scale and $1.2 on the non-logarithmic scale, with an extended target of $1.3.
Crucially, achieving multiple closes above the $1.3 mark could indicate a milestone for the coin, marking the end of its trading days below $1.
In recapitulation of Crypto News Flash’s earlier news, Oliver Michel, founder, and CEO of Tokentus Investment AG, has also expressed confidence in XRP’s potential to break multi-year resistance levels and reach $10.
Similarly, parallels drawn between the current market conditions and the historic surge in 2017 suggest the possibility of exponential growth, with projections reaching as high as $288, as formerly reported by Crypto News Flash.
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