XRP price could potentially reach $26 if the asset reached a Fibonacci extension of 1.618
The typical XRP price forecast often causes a lot of shock to the cryptocurrency market. Recently, a call for $ 589 per token in XRP has turned into a long-standing meme.
Will the XRP price ever show a rebound to the old highs or beyond?
XRP has always been caught up in many allegations and harsh rumors. While Bitcoin and Ethereum have escaped allegations classified as securities, XRP is still entangled in this allegation. Moreover, during the 2017 bubble period, along with the rise of Bitcoin, ETH, and XRP did not prevent the hype that pushed this altcoin to more than $ 3.50 at a high level, from less than a penny a year earlier.
After that, XRP collapsed more than 90%, and each price increase sold by Ripple executives only increased inefficiencies and distrust of assets. But all markets are cyclical, and XRP is showing many signs that the recovery has been near after nearly 900 days of a downtrend. All the pent-up momentum in Ripple can lead to a mutant and robust breakout.
In the past, assets have risen thousands of percent against USD and BTC, and most likely, it will happen again. But next time, how high can Ripple go? According to various analysts on math, it could be anywhere from $ 5 to $ 26 per XRP token.
A $ 589 forecast for each token in XRP is not possible, even if its market capitalization absorbs all of the world’s assets and wealth. However, other predictions are more mathematically realistic.
Fibonacci numbers and their ratios are often used in trading to plot potential areas of interest. Such areas include support and resistance, where reversals may occur, and targets where current resistance doesn’t yet exist.
According to cryptocurrency analyst, XRP could potentially reach $ 26 per XRP token if the asset reaches the Fibonacci extension of 1,618. Based on internal analysis of NewsBTC on the Fibonacci extension, as shown below, they conclude:
“A Fibonacci extension is cast from the top of the 2018 peak to the new bear market bottom. Extensions taken from there located at 1,618, 2,618, 3,618, and 4,326, would represent $ 5.60, $ 9.10, $ 12.50, and $ 14.60, respectively.”
Ripple XRPUSD Fibonacci Extension Fractal | Source: Trading View
Apply a groundbreaking breakthrough of the last major Ripple blast, tracking to the highest level of the Fibonacci extensions perfectly. Given how strong that impulse is, it’s unlikely that repetition is quite strong, making the goals much lower than they are. In terms of market cap, an important factor why the $ 589 call is laughed at, the goals are theoretically much less realistic.
Any of them will be an all-time high for crypto assets and make Ripple investors productive again.
- Former Employee Of Goldman Sachs Predicts Parabolic Rise For XRP Price If Bitcoin Returns To ATH
- YouTube’s Legal Team Is Immune From Liability For Cryptocurrency Scams, Denying Ripple’s Allegations