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The XRP price is currently experiencing corrections after a dramatic six-week rally. Notably, the XRP price recently peaked at $2.82, reaching its highest level since January 2018, before retreating in the past 24 hours. This retreat has seen the XRP price decline by about 12% in the past 24 hours as the Bitcoin price broke above the psychological $100,000 threshold.
Despite the current correction, crypto analyst Dark Defender suggests XRP is still on track for further gains, with Fibonacci levels indicating an 80% price upsurge from the current price.
XRP Price Hits Key Fibonacci Levels Amidst Correction
Dark Defender, a popular crypto analyst, shared his insights on the social media platform X, explaining XRP’s price movements through Fibonacci levels while also revealing key price targets to look towards and key support levels to keep an eye on. The Fibonacci retracement and extension levels often serve as critical indicators of support and resistance during rallies and downtrends.
According to the XRP / U.S Dollar 4-hour candlestick price chart that accompanied his outlook, the ongoing correction began after XRP reached the 261.8 Fibonacci extension level. According to him, this pullback is not unexpected, given the recent rally. Interestingly, he also pointed out that the sideways movements are likely to continue before the rally resumes.
Targets For The Price
In his post, Dark Defender emphasized that XRP’s bullish momentum remains intact despite the short-term correction. In terms of a price prediction, he highlighted two key targets at $2.92 and $3.99, which translates to a 27.5% and 80% increase, respectively, from the current price level. Interestingly, reaching the second price target would see the XRP price breaking above its current all-time high of $3.40, which has stood for almost seven years. Although this all-time high price has been elusive for a long time, current market trends and buying momentum suggest it will be broken before the end of the year.
On the other hand, Dark Defender highlighted key support levels to watch at $2.27 and $2.13. The second support at $2.13 is the most notable because it aligns with the 161.80% Fibonacci extension level and marks the expected end of the Wave C corrective phase in Elliott Wave analysis.
At the time of writing, the XRP price is trading at $2.30, down by 12.3%. Nonetheless, it is still up by 55% and 351% in the past 24 hours and seven days, respectively.
For now, sentiment surrounding XRP remains bullish, and the XRP price rally can resume anytime soon. A significant driver of this optimism is the upcoming launch of Ripple’s RLUSD, which is slated to be launched anytime soon.
However, there is no slated date for RLUSD’s launch as of now, with Ripple recently highlighting that it is waiting for a final approval from the New York State Department of Financial Services (NYDFS).
Featured image created with Dall.E, chart from Tradingview.com
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