Crypto analyst Egrag Crypto predicts a potential XRP price surge, pointing to key Fibonacci levels as catalysts for a significant uptick. In an X post on Tuesday, Egrag Crypto highlighted these levels as crucial triggers for a major price movement. If these Fibonacci levels are hit, the cryptocurrency could see a substantial increase in value in the near future.
XRP Key Support Level
Egrag highlighted that the XRP price has followed the patterns of the Fibonacci retracement levels. He noted that $0.75 was an important support level in the past as it could be considered a “launch pad” for the first significant price increase of XRP.
Based on analyst insights, the $2 mark is a critical hurdle for XRP. He also notes that $2 has the 0.236 Fib retracement level and expects XRP to break through this level shortly. A move past $2 might cause ‘real FOMO’(fear of missing out), potentially driving prices even further.
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If XRP is to break past the 0.5 Fibonacci level, the coin may rise to the double-digit level. In the past, the 0.5 level has been broken, and XRP often retested the 0.702 Fibonacci retracement level. If this trend continues, it will be possible for XRP to experience a significant appreciation in the future.
XRP’s Short-Term Volatility
However, the analyst also pointed out that XRP is not for every investor. He clarified that the focus should be on the long run and not the short-run fluctuations. However, XRP could fall to the range of $1.10, $0.92, or $0.75, which should not be a cause for alarm for the investor with a long-term perspective. As of press time, XRP is trading at $1.35, showing a 9.37% fall over the last 24 hours.
The analyst insights indicated that the best ratio to follow for long-term portfolio rebalancing is the Fibonacci 1.618 level. He said that investors should always set their goals according to their risk appetite and focus on the big picture regarding XRP. If the right catalyst and news come, XRP could break past key levels and head towards new heights.
