XRP price is currently experiencing corrections after a dramatic six-week rally. In particular, XRP the price recently hit a high of $2.82reaching your highest level since January 2018before retreating in the last 24 hours. This pullback has seen the price of
Despite the current correction, crypto analyst Dark Defender suggests that XRP is still on track for further gains, with Fibonacci levels indicating an 80% price increase from the current price.
XRP Price Hits Key Fibonacci Levels Amid Correction
Dark Defender, a popular crypto analyst, shared his ideas on social media platform Fibonacci retracement and extension levels often serve as critical support and resistance indicators during rallies and downtrends.
According to the XRP/US Dollar 4-hour candlestick price chart that accompanied his outlook, ongoing correction started after XRP reached the 261.8 Fibonacci extension level. According to him, this decline is not unexpected, given the recent rebound. Interestingly, he also noted that sideways moves are likely to continue before the rally resumes.
Goals for the price
In its post, Dark Defender emphasized that XRP’s bullish momentum remains intact despite the short-term correction. In terms of price prediction, it highlighted two key targets at $2.92 and $3.99, which translates to an increase of 27.5% and 80%, respectively, from the current price level. Interestingly, reaching the second price target would take the price of XRP above its current all-time high of $3.40, which has held for almost seven years. Although this all-time high price has been elusive for a long time, current market trends and buying momentum suggest that it will be surpassed before the end of the year.
On the other hand, Dark Defender highlighted key support levels to watch at $2.27 and $2.13. The second support at $2.13 is the most notable because it aligns with the 161.80% Fibonacci extension level and marks the expected end of the Wave C corrective phase in the Elliott Wave analysis.
At the time of writing, XRP price is trading at $2.30, down 12.3%. However, it continues to increase by 55% and 351% in the last 24 hours and seven days, respectively.
For now, the sentiment around XRP remains bullish and the XRP Price Rally May Resume Soon. An important driver of this optimism is the upcoming launch of Ripple’s RLUSD, which is scheduled to be released soon.
However, there is no planned date for the launch of RLUSD for now. with Ripple highlighting recently which is awaiting final approval from the New York State Department of Financial Services (NYDFS).
Featured image created with Dall.E, chart from Tradingview.com
