Monday, June 17, 2024
HomeCryptocurrencyAnalyst Identifies Fibonacci 0.5 Level XRP Must Surpass For a Remarkable Surge...

Analyst Identifies Fibonacci 0.5 Level XRP Must Surpass For a Remarkable Surge to $1.4

EGRAG CRYPTO (@egragcrypto), a closely followed analyst, recently presented compelling reasons why XRP could make a notable rise to $1.4. His argument hinges on the Fibonacci 0.5 level and the Ultimate Relative Strength Index (RSI) indicator.

EGRAG’s analysis centers around XRP’s performance relative to the significant Fibonacci 0.5 level at $0.57. This analysis suggests that if XRP successfully concludes trading above this level with undeniable confirmation, it could signal a potential surge to $1.4.

Read Also: State-of-the-Art Machine Learning Algorithm Sets XRP Price for October 1, 2023

The Fibonacci 0.5 level, based on the Fibonacci sequence, is a key price level used in technical analysis. It represents the 50% retracement level, often considered a critical point in assessing price movements. EGRAG CRYPTO believes that XRP’s ability to breach and sustain above this level could signify the groundwork for a substantial price increase to $1.4.

The Price Zones

EGRAG CRYPTO provides a color-coded chart showing the roadmap. This chart shows XRP’s current position and potential trajectory. There are four colored zones below the $0.57 level.

The first zone is green. This zone is a bullish zone that stretches from $0.5119 to $0.5738. Trading within this zone will represent bullish momentum and is the strongest signal for an upward movement.

Below the green zone, there is a white area marked as a ranging zone. This zone goes from $0.4719 to $0.5119. The chart shows that XRP has spent considerable time in this zone, especially after the correction from the price high of $0.93 in July. At the time of writing, XRP is trading at $0.5093, putting it in the ranging zone.

Below the ranging zone is the yellow-wicking area, which extends from $0.3875 to $0.4719. This zone is a cautionary zone, and XRP often trades here during market uncertainty.

The final one is the red flag zone. This zone is colored red and stretches from $0.3536 to $0.3875. This zone shows a bearish sentiment for XRP. It has managed to stay out of this zone since January 2023.

Read Also: New Report Shows Real Cause of Over 45% XRP Price Drop


Can XRP Reach $1.4?

EGRAG CRYPTO’s prediction rests on XRP’s ability to surpass a key resistance at $0.55 and close above the critical $0.57 level. Achieving this would lend significant credibility to the analyst’s projection of a surge to $1.4, representing a remarkable 174.8% increase from its current price.

EGRAG also showed that XRP is approaching oversold territory in another post. The Ultimate RSI has not crossed into this area for 2,100 days. When reached, this could trigger a substantial price shift.

Follow us on Twitter, Facebook, Telegram, and Google News

Tobi Loba
Tobi Loba
Tobi Loba is a passionate writer with a vast interest in the stock market. She joined the crypto ecosystem about three years ago and has written lots of ebooks and articles in relation to cryptocurrency and blockchain projects. Tobi Loba earned her degree at the University of Ibadan.

Latest News & Articles