Notable crypto analyst EGRAG expresses confidence in an XRP surge to the monthly Fibonacci 1.614 retracement level, which aligns with a target of $6.4.
EGRAG’s latest analysis comes as XRP follows the direction of the rest of the crypto market over the last few weeks. As a result, the prevalent market downturn has impacted its chances of a price run. This bearish condition pushed XRP below the crucial $0.50 price threshold in mid June, triggering more dips to $0.4620 on June 24.
XRP Demonstrates Resilience
However, market data confirmed that XRP displayed greater resistance against the bearish market forces than most assets. Despite closing June with a loss, XRP only observed an 8% drop, only behind Bitcoin’s (BTC) 7% decline. Meanwhile, Solana slumped 11.49%, while Ethereum dropped 8.62% in June. Dogecoin (DOGE) crashed 21%.
In his analysis, delivered on June 30, EGRAG stressed that XRP’s resilience has kept it above a pivotal level. Notably, this level is the Fibonacci 23.6% region on the monthly timeframe, which aligns with a $0.4521 price. According to the analyst, XRP was about to close June above this price territory, which is crucial for the next price movements.
#XRP From Here To Here – Minimum Target: $6.4
With all the saga in the last couple of weeks, the monthly time frame candle formation is closing above Fib 0.236. This is simply a natural consolidation! 📈
Next target:🎯 Fib 0.5! Flip it with conviction, and then we fly to Fib… pic.twitter.com/SZzrwZeXxU
— EGRAG CRYPTO (@egragcrypto) June 30, 2024
He argued that the prevalent market was not out of the ordinary, tagging it a typical period of consolidation. Remarkably, XRP eventually closed June at $0.4761, registering a confident position above Fib. 0.236. This was significant, as the close above this Fibonacci level sets XRP up for a push toward its next target.
EGRAG’s chart puts this next target at Fibonacci 0.5, currently aligned with the $0.7512 price. The last time XRP saw this price level was in July 2023 when it spiked to $0.93. The token’s chances of reaching this next target are bolstered by its penchant for registering impressive performances in July.
XRP’s Minimum $6.4 Target
Notably, over the past four years, XRP has recorded consecutive monthly gains in July, per CryptoRank data. These gains have averaged 29% within this timeframe. If XRP sees a 29% increase this July, its price could retest the $0.61 territory. Such a push would grant enough momentum for the bulls to aim for the $0.7512 target.
EGRAG believes XRP could roam toward a new all-time high if it eventually conquers this $0.7512 target at Fib. 0.5. The analyst’s minimum target for such a rally sits at $6.4 (Fibonacci 1.618) after it breaches the resistance at $1.96. A rally to $6.4 would mandate a massive 1,237% increase from XRP’s current level.
Interestingly, EGRAG has persistently expressed confidence in XRP reaching this $6.4 target, leveraging different indicators. He previously presented this $6.4 price target for last June, calling attention to a weekly symmetrical triangle. Last month, he asserted that this target could be propelled by a “launching channel” on the 2-week chart.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
-Advertisement-
