The XRP price is currently going through a period of corrections following a significant six-week rally. Recently, the XRP price reached a peak of $2.82, marking its highest level since January 2018, before retracting in the last 24 hours. This retreat has resulted in a 12% decline in the XRP price as the Bitcoin price surged past the $100,000 threshold.
Despite the ongoing correction, crypto analyst Dark Defender believes that XRP is still poised for further gains. Fibonacci levels suggest an 80% price surge from the current level, indicating potential for more growth.
Dark Defender, a renowned crypto analyst, shared his insights on XRP’s price movements through Fibonacci levels on the social media platform X. He explained how Fibonacci retracement and extension levels are crucial indicators of support and resistance during market rallies and downtrends. According to his analysis, the correction in XRP began after reaching the 261.8 Fibonacci extension level, which was expected given the recent rally. He also mentioned that sideways movements are likely to continue before the rally resumes.
In terms of price targets, Dark Defender highlighted two key levels at $2.92 and $3.99, representing a 27.5% and 80% increase from the current price, respectively. Reaching the second target would see XRP surpass its previous all-time high of $3.40, which has remained unbroken for nearly seven years. Market trends and buying momentum suggest that this milestone could be achieved before the end of the year. Additionally, he pointed out key support levels at $2.27 and $2.13, with the latter aligning with the 161.80% Fibonacci extension level, marking the expected end of the corrective phase in Elliott Wave analysis.
Currently, the XRP price is trading at $2.30, reflecting a 12.3% decline. However, it is still up by 55% and 351% in the past 24 hours and seven days, respectively. Despite the recent pullback, sentiment surrounding XRP remains bullish, and the rally could resume soon. One of the driving factors behind this optimism is the upcoming launch of Ripple’s RLUSD, scheduled to be introduced in the near future. However, there is no confirmed launch date yet, as Ripple is awaiting final approval from the New York State Department of Financial Services (NYDFS).
Overall, the XRP price is undergoing corrections following a significant rally, but the overall sentiment remains positive, with potential for further gains in the near future. The market is closely watching key Fibonacci levels, price targets, and upcoming developments, such as the launch of RLUSD, to gauge the future trajectory of XRP’s price movements.
