Cryptocurrency analyst Cryptobilbuwoo0 is optimistic about the future of XRP despite a recent price correction. On March 11, XRP surged to a new 2024 high of $0.7442, representing an impressive 18.84% gain.
This surge made XRP the best-performing cryptocurrency that day, renewing the hope for sustained bullish momentum. However, the token faced resistance at this level, leading to a retracement that has seen it fall over 8%.
Read Also: Depending On XRP Elliott Wave Path, Analyst Predicts 3,361% or 2,400% Surge to $18 or $13
Undeterred by the short-term pullback, Cryptobilbuwoo0 utilizes multiple technical indicators on the weekly chart to identify potential price targets for XRP in a future uptrend.
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I like this chart best.
1. Long-term Fibonacci ratio 1.618 range ($26.6~33$, overshooting $50).
2. Cup & Handle pattern target ($31) .
3. 3rd wave Fibonacci ratio 3.618~4.236 range ($21~45).
Filter the fuds & math is correct 🙂
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♾️ https://t.co/IXMth2CCzq pic.twitter.com/bN9UtJEAAx— (X)=chi (R)esurrected (P)=rho (@Cryptobilbuwoo0) March 14, 2024
Long-Term Fibonacci Targets
Cryptobilbuwoo0 highlighted the long-term pivotal Fibonacci zone of 1.618. This zone on the chart aligns with a potential XRP price range of $26.6 to $33, with a possible overshoot target of $50. Further solidifying the bullish momentum, Cryptobilbuwoo0 utilizes a technical pattern forming on XRP’s chart and Elliott Wave Theory.
Cup and Handle Pattern Signals Price Surge
The bullish cup and handle pattern is the most prominent indicator on Cryptobilbuwoo0’s chart. This pattern typically indicates an impending price increase. It forms when the price experiences a rounded bottom, resembling a cup, followed by a period of consolidation, forming the handle. A breakout from this pattern signifies an upward price movement.
Cryptobilbuwoo0 identifies the cup as the price decline experienced by XRP from its all-time high in January 2018 to a low of $0.1165 in March 2020, followed by a recovery to $1.9659 in April 2021. The handle has formed during the consolidation phase since the April 2021 peak. Based on the cup and handle pattern, Cryptobilbuwoo0 projects a potential price target of $31 for XRP.
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Read Also: Based On XRP Historical Golden Cross, Analyst Predicts an 1132% Rally to $6. Here’s the Chart
Elliott Wave Targets Align with Bullish Outlook
Beyond the cup-and-handle pattern and long-term Fibonacci targets, Cryptobilbuwoo0 incorporates the Elliott Wave theory into his analysis. This theory suggests that asset prices move in five distinct waves.
The analyst believes XRP is currently within Wave 3 of this structure, a belief shared by many analysts. He anticipates Wave 3 to conclude with a price surge that aligns with the Fibonacci retracement levels of 3.618 at $21.54 and 4.236 at $45.04.
Current Market Conditions
XRP is trading at $0.6521, down 4.79% over the past 24 hours. Reaching these targets will require a massive surge for XRP, but the digital asset has climbed higher before. An analyst recently revealed that XRP will not miss the current bull run, and it could soon start an unprecedented climb.
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