Crypto market analyst EGRAG recently detailed three crucial resistance levels XRP would need to break on its journey to reach the projected $2 price target.
XRP has suffered the impact of the latest market correction, recording losses on four consecutive days as it plummets below the $0.54 price level. However, the turbulence has not affected the confidence of some analysts, who believe the token is poised for a resurgence.
Veteran chartist EGRAG is one such analyst. EGRAG has continuously championed the narrative of an XRP surge to the $2 territory. In a recent analysis, he presented some crucial price levels that the crypto asset would need to breach before clinching the projected price.
According to the analysis, these crucial zones align with several Fibonacci Speed Resistance Fan (FSRF) levels. The FSRF is a tool that uses Fibonacci retracement levels to identify potential resistance areas in an upward-trending market. It helps traders spot possible reversal or consolidation points.
Pivotal XRP Resistance Levels
EGRAG noted that XRP is currently in a pivotal position following the resistance from the July 2023 spike. Recall that XRP rallied to $0.9396 on July 13, 2023 upon the ruling from Judge Analisa Torres in the Ripple vs. SEC lawsuit. The resistance it faced at $0.93 aligned with the FSRF 0.618 level.
#XRP Fib Speed Resistant Fan – FSRF (Update – GLORY AWAITS US IN VALHALLA):
For a detailed review of our targets, refer to the post on March 14, 2023, at https://t.co/dUXJakUkWv.
Quick Brief:
The Fibonacci Speed Resistance Fan (FSRF) is a powerful tool in technical analysis,… pic.twitter.com/5cuLapJ9Ii— EGRAG CRYPTO (@egragcrypto) February 19, 2024
Interestingly, this FSRF 0.618 resistance level has continued to slope downward, and now aligns with the $0.75 price territory. EGRAG emphasized that this level will present the next resistance for XRP as it resurges in the push toward the $2 threshold.
Should XRP breach the FSRF 0.618 at the $0.75 price level, the next pivotal resistance point would come up at the $1.1 price, aligning with the FSRF 0.75 resistance level. The last time XRP saw $1.1 was in November 2021 when it attempted to ride on the 2021 bull run.
If the crypto asset successfully towers above the FSRF 0.75 resistance at $1.1, the bears would station a roadblock at the Fibonacci extension level of 1.618, which currently aligns with the resistance at $1.54. It is important to note that Fib. 1.618 is not a Fibonacci Speed Resistance Fan.
Upon breaking above the $1.54 roadblock, XRP could sail to the FSRF 1 level at $1.96, resulting in a move to the $2 territory. EGRAG noted that the market would experience massive FOMO once XRP breaks the $2 level, leading to an influx of demand that could take the token to $27.
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