Emily Walker
Recently, the price of XRP has surged, increasing approximately 90% in just a week, which presents a positive trend for the cryptocurrency. This upward movement may be only the beginning, as XRP approaches the notable 4.236 Fibonacci level, indicating a potential rise to $9.
XRP Approaching Key Fibonacci Level, Potential for $9 Rally
In a recent update on TradingView, analyst Lane McMurtrey mentioned that the price of XRP is nearing the 4.236 Fibonacci extension, forecasting that it could peak at around $9.4. He elaborated on the significance of this level when assessing potential peaks in the crypto market.
As explained by the analyst, the 4.236 extension often signals the climax of bullish enthusiasm, leading to profit-taking and heightened price fluctuations. Historically, reaching this point has preceded significant market corrections. McMurtrey noted that this metric considers the market cap, emphasizing that hitting the 4.236 mark often suggests overexuberance and may indicate a time for investors to devise exit strategies. He anticipates a peak near $9.4, providing guidance on when investors might consider locking in profits.
Over the past few weeks, XRP has displayed impressive growth, even surpassing USDT to rank as the third-largest cryptocurrency by market cap. Currently, XRP is over 300% higher year-to-date (YTD), yet McMurtrey suggests there is still significant potential for further gains, with a peak forecasted around $9.
Potential for Greater Gains Ahead
Analysts like Dark Defender and Behdrak are optimistic about XRP’s prospects, with predictions hinting at a price climb into double digits. Dark Defender anticipates XRP could reach $18 next year, while Behdrak estimates a possible high of $28 based on Elliott Wave analysis.
In a recent post on X, Dark Defender provided insights on his $18 forecast, indicating that critical support levels to monitor include $2.1322 and $1.8815, as XRP trades at $2.9202, a Fibonacci level. He expects a short-term range between $2.92 and $2.13 before another uptick towards a mid-target of $3.9993.
As of now, XRP is trading at approximately $2.62, reflecting a more than 2% increase over the past day, as per CoinMarketCap data.