Ripple (XRP) is currently on an uptrend, breaking through major resistance levels and preparing for a potential bull run. So far, Bitcoin is leading in the bullish cryptocurrency market that has experienced huge price spikes, while Ethereum is also gaining momentum and surging.
XRP Fibonacci Targets & Tactical Moves Towards $30
In a recent analysis by EGRAG CRYPTO, the Crypto analyst provided an optimistic view about the XRP cost position which may prevail hereafter. By focusing on strategies, this analysis has revealed such targets as Fibonacci extensions- Fib levels 1.236, 1.414, and 1.618.
The analysis calls these targets ‘strategic targets’ that could mark the turning points for XRP’s upward movement potential. Any of the targets mentioned above can make XRP trading at $7, $15, or even $30 price ranges.
Starting with an explanation of these Strategic Targets, the analyst delves into the significance of each Fibonacci level. The 1.236 level serves as an indicator for potential reversals or continuations, rooted in the square root of 1.618.
However, the 1.414 level shows potential price targets and possible reversal points derived from the square root of 2. Lastly, the 1.618 level is referred to as the golden ratio in Fibonacci sequence and is used to determine price targets or turning points.
Besides these strategic aspects, analyst describes tactical moves within the XRP market. The analyst notes that ‘W’ formation still stands valid and progresses further. The log move inside this pattern is examined in logarithmic as well as non-logarithmic scales. In terms of the logarithm, it costs $1 while on non-logarithm it is $1.2.
A widened valuation puts the move at $1.3. However, emphasizes upon XRP’s weekly closing prices with a focus on multiple closes above $ 1.3.” This might indicate a change from trading below the $1 mark.
The analyst addresses the XRP community, urging them to remain steadfast while providing a range of targets starting from $5 to $27 each.” Furthermore, the analyst proposes that the ongoing bear market may have found its bottom at $1.3.”
XRP Short-term Price Forecast
At the time of writing, XRP is trading at $0.643300, boasting a 24-hour trading volume of $3.48 billion and a market capitalization of $35.17 billion. Over the past day, XRP has seen a 5.21% increase in price, while its value has surged nearly 20% over the past week.
According to the most recent Ripple price forecast by Changelly, the cryptocurrency is expected to experience a further increase of 19.64%, reaching $0.753506 by March 05, 2024. Technical indicators from Changelly suggest a bullish market sentiment of 75% for Ripple, while the Fear & Greed Index reflects extreme greed with a score of 83.
Drawing from the price movements observed at the beginning of 2023, crypto experts anticipate an average XRP rate of $0.725 in March 2024. The minimum and maximum prices forecasted stand at $0.625 and $0.824, respectively. This projection suggests a potential return on investment (ROI) of 31.7%, highlighting the optimistic outlook surrounding XRP’s performance in the near future.