XRP Rally Incoming? Eyes $4 Breakout and Double-Digit Surge
Analyst CoinsKid believes XRP is ready for a major breakout and could be headed toward a minimum target of $4, which is 589% higher from where its price level is currently trading. He refers to this as the third impulsive wave in the wider cycle and says to expect a retracement afterward, then a final wave 5. But there is an important invalidation point: the July 2024 wick low, which he says is a key buyback zone.
CoinsKid uses past performance as evidence to back his claim, stating that between September 2020 and April 2021, the cryptocurrency witnessed a rally of 751%. Given the current chart setup, a similar move in the future is not out of the question.
He also mentions correlations with the DXY (US Dollar Index) that could provide insight into its movement, supporting this surge in the cryptocurrency price. CoinsKid further says that if the cryptocurrency can break above its local high of $0.7484 set back in March 2024, this would indicate the beginning of the expected move.
Wave 5 XRP Projections Suggest $27 $33 Price Range
At the same time, EGRAG CRYPTO gives a further bold forecast: the price of XRP may soar up to two-digit levels, targeting $27- $33. He pointed out that Wave 5 in the XRP price could theoretically extend from 1.236% up to 1.618% of previous waves based on different technical possibilities. With these results, XRP will remain much above its existing Fibonacci extension levels, meaning the price may surge significantly.
EGRAG also draws parallels between XRP and other leading cryptocurrencies, including Bitcoin and Ethereum. He appeals to how Bitcoin has reached a Fibonacci level of 1.618 and smashes it briefly without even closing the monthly candles above it.
At this point, he says, the cryptocurrency would easily bounce well past this during its macro wave and place a firm target at $33. Thirdly, Ethereum did not stop like Bitcoin but went further to Fib 1.618 and reached Fib 4.272, which bodes well for XRP.
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Read more: https://www.tronweekly.com/xrp-rally-incoming-eyes-4-breakout/
Text source: TronWeekly
