Fibonacci levels suggest the XRP price rally will continue with an 80% increase – what you should know

XRP price is currently undergoing corrections after a dramatic six-week rally. Especially the XRP The price recently peaked at $2.82achieves it Highest level since January 2018before withdrawing in the last 24 hours. This decline caused the XRP price to fall by around 12% in the last 24 hours as Bitcoin price broke the psychological threshold of $100,000.

Despite the current correction, crypto analyst Dark Defender believes that XRP is still on track for further gains, with Fibonacci levels indicating an 80% price increase from the current price.

XRP price reaches key Fibonacci levels amid correction

Dark Defender, a popular crypto analyst, shared his findings on the social media platform The Fibonacci retracement and extension levels often serve as critical indicators of support and resistance in rallies and downtrends.

According to the XRP/US Dollar 4-hour candlestick price chart that accompanied its outlook, the ongoing correction began after XRP reached the 261.8 Fibonacci extension level. In his opinion, this decline is not unexpected given the recent rally. Interestingly, he also pointed out that the sideways movements are likely to continue before the rally resumes.

Targets for the price

In his post, Dark Defender emphasized that XRP’s bullish momentum remains intact despite the short-term correction. In terms of price prediction, he named two key targets at $2.92 and $3.99, representing an increase of 27.5% and 80% from current price levels, respectively. Interestingly, achieving the second price target would see the XRP price break above its current all-time high of $3.40, which has stood for almost seven years. Although this all-time high is a long time from being reached, current market trends and buying momentum suggest that it will be broken before the end of the year.

On the other hand, Dark Defender highlighted the key support levels to keep an eye on at $2.27 and $2.13. The second support at $2.13 is the most notable as it coincides with the 161.80% Fibonacci extension level and marks the expected end of the Wave C corrective phase in Elliott Wave analysis.

At the time of writing, XRP price is at $2.30, down 12.3%. However, it is still up 55% and 351% in the last 24 hours and seven days, respectively.

For now, the sentiment around XRP remains optimistic, and that The XRP price increase may resume soon. A key driver of this optimism is that upcoming launch of Ripple’s RLUSD, which will soon come onto the market.

However, there is currently no planned date for the launch of RLUSD. with Ripple recently highlighting that it is awaiting final approval from the New York State Department of Financial Services (NYDFS).

Featured image created with Dall.E, chart from Tradingview.com