XRPs Path to $27: Key Fibonacci Breakouts Set Stage for Explosive Rally
- XRP breaks key Fibonacci levels, signaling potential for a massive surge, with $27 as a possible target.
- Monthly, weekly, and daily timeframes show strong support, suggesting XRP is poised for continued growth.
- If XRP holds above crucial Fibonacci levels, the path to rapid growth and higher prices becomes clear.
Ripples XRP has managed to regain its momentum and the bullish sentiment is still strong among the traders. In the recent X post, Egrag Crypto pointed out that XRP is gearing up for a massive surge and may even hit $27. The analysis presents several Fibonacci levels which have been broken recently by the cryptocurrency and opens the way to a rapid growth.
Key Levels for XRP Growth
The analysis covers five important timeframes for XRPs price action: These are monthly, weekly, three days, daily, and short term (8 and 2 hours). In the outlook, the Fibonacci Channel Chart is shown, and the traders are given a clear direction as to the levels of interest. Fibonacci channels are quite effective at marking significant levels of support and resistance, reversal points as well as the probable targets for price.
From the one-month chart, XRP has broken through the $0.75 levels that were chosen as a vital level of price increase. The cryptocurrency has now breached through the Fib Channel 0.236, a key resistance level that shows further positive price action. If the monthly candle closes above this level, it would be favorable to see Ripple token continuing its climb higher.
The next major target on the radar is the Fib Channel 0.382 which is considered as a strong resistance level. If coin is able to close above the 0.236 level on the monthly chart then the path to this next target could be open and this will signal a buy signal. As of writing, token is trading at $2.52, down by 5.65% over the past day.
XRPs Bullish Momentum
On the weekly and daily timeframes, Ripple token still has positive characteristics. The support levels in these timeframes suggest that token can continue the momentum it has gained in the past few days. The 8-hour and 2-hour charts are also pointing to the positive price action and this mean that coin has all it takes to move higher.
As these critical Fibonacci levels are in place, the possibilities for the growth of token are being revealed. If the cryptocurrency can hold above some crucial levels, the next move could be very strong, and $27 could be in sights. The following weeks will be decisive to establish whether this bullish behavior will remain or not as traders will carefully observe XRPs behavior in these time frames.
Read more: https://www.tronweekly.com/xrps-path-to-27-key-fibonacci-breakouts-set/
Text source: TronWeekly
