XRP Exceeds Crucial EMAs, Experts Anticipate 6,800% Surge to $168!
Attention is drawn to the price movement of XRP, with analysts using historical Fibonacci extensions to forecast potential long-term objectives. After breaking out of a six-year triangular consolidation pattern, XRP was valued at $2.37 at the time of writing, accompanied by a trading volume of $20 billion over the past 24 hours.
Despite a 5.32% decrease in the last day, the asset’s technical indicators and past patterns hint at the possibility of significant gains in the current market cycle.
Data from the market indicates a circulating supply of 57 billion XRP, resulting in a market cap of $135.17 billion. Analysts compare XRP’s recent breakout to its 2017 bull run, during which the asset witnessed an increase of more than 600 times, reaching its peak at $3.40.
Projections currently suggest that the digital currency could climb to $168, aligning with the 2.414 Fibonacci extension level if a similar trend unfolds.
Fibonacci Levels Offer Key Milestones for Price Predictions
Past price actions play an essential role in the ongoing analysis. XRP exhibited respect for Fibonacci levels during the 2017 surge, eventually hitting the 2.414 extension before peaking.
Javon Marks, a cryptocurrency analyst, pointed out that XRP’s historical association with these levels reinforces the current speculation of a potential 6,800% surge.
Currently, in the present market cycle, XRP has already surpassed the 1.618 Fibonacci level, with further price extensions targeting $4.50 and $13.00 as interim goals before reaching the $168 milestone.
Nonetheless, this optimistic scenario relies on sustained momentum and broader market encouragement. The validation of XRP’s major uptrend comes as global cryptocurrency adoption rises and supportive pro-crypto policies gain ground.
Technical Indicators Signal Upward Momentum
Recent technical patterns affirm favorable momentum for XRP. The asset’s price continues to stay above the 20, 50, 100, and 200-day exponential moving averages (EMAs), located at $2.25, $1.73, $1.30, and $0.97 respectively, indicating a strong uptrend.
The Moving Average Convergence Divergence (MACD) remains in a bullish region, with the MACD line (0.30) positioned above the signal line (0.24). However, a slight downturn in the histogram suggests a slowdown in momentum in the short run.
A probable retreat towards the $2.25 EMA support level could introduce a consolidation phase before further upward movement. Maintaining this level of support might pave the way for XRP to retest recent highs around $2.50.
Derivatives Data Highlights Increased Market Engagement
The derivatives market for XRP indicates heightened interest, with a 10.34% surge in trading volume, reaching $24.49 billion. Although open interest has dropped by 12.08%, likely due to profit realization, options volume has surged by 17.41%, showcasing increased speculative activity.
Options open interest has also expanded by 16.20%, underscoring ongoing interest in hedging.
Long/short ratios on exchanges like Binance and OKX lean towards a bullish sentiment, with Binance’s top trader long/short ratio at 3.08.
However, liquidation statistics show $40.32 million in liquidations over 24 hours, predominantly impacting long positions, indicating potential short-term volatility despite the prevalent bullish outlook.
Based on this technical and market data, XRP shows promise for growth within the broader cryptocurrency bull market.