The This bullish momentum could be just getting started as XRP approaches the legendary 4,236 Fibonacci level, suggesting a rally to $9 is possible.
XRP price is approaching the Fib level of 4,236 with a rally to $9 possible
In one TradeView postCrypto analyst Lane McMurtrey revealed that the XRP price is near the Fibonacci level of 4,236 and predicted that the crypto could peak at $9.4 following this development. The crypto analyst further explained why this level is critical when looking for market tops for the crypto.
According to the crypto analyst, it is based on Fibonacci technical analysisthe 4,236 extension often represents a psychological and mathematical exhaustion of bullish moves. Lane McMurtrey stated that historically, when an asset reaches this level, it leads to large profit-taking and exponential volatility. It also marks the beginning of a market turnaround.
For the XRP price, the crypto analyst noted that this level is calculated based on the market capitalization, and not just the price. McMurtrey noted that a market cap of 4,236 is often the ultimate signal of euphoria and the time to prepare an exit strategy. He predicted the top could be around $9.4, which would give market participants insight into what levels they should start securing profits.
The XRP price has risen significantly in recent weeks USDT reversed to become the third largest cryptocurrency market cap. XRP is up over 300% year-to-date (YTD), but McMurtrey’s analysis shows the crypto still has a lot more room to rise to the upside, as he predicts XRP will peak around $9.
The price could go much higher
Crypto analysts like Dark Defender and Behdrak have predicted that the XRP price could go much higher and reach double digits. Dark Defender predicts that XRP will rise to $18 sometime next year. In the meantime, Behdark predicts that the crypto could reach as high as $28 based on his analysis of the Elliot Wave theory.
In a recent X post, Dark defender gave an update on his $18 The crypto analyst expects the crypto to fluctuate between $2.92 and $2.13 in the near term before rallying again to the mid-target level of $3.9993.
At the time of writing, the XRP price is trading around $2.62, up over 2% in the past 24 hours. facts from CoinMarketCap.
Featured image created with Dall.E, chart from Tradingview.com