XRP Climbs Above $1, Fibonacci Levels Reveal More Gains Ahead

Semilore Faleti

6 months ago

2 mins read

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The price of XRP has moved above $1, entering a price zone last seen in 2021. Amidst the general crypto surge, the prominent altcoin is undergoing a remarkable price rally resulting in 104.59% surge over the last seven days. As it stands, XRP appears to be shooting for the stars with analysts now strongly bullish on how high the token can go.

XRP ‘Kaboom’ Confirmed – Here’s Price Path To $32

In an X post on November 16, market analyst EGRAG CRYPTO shared a positive prediction on XRP in regard to market cap following recent gains.

EGRAG Crypto noted that XRP’s market cap is closing above the Fibonacci level of 0.702 which corresponds to $51.35 billion, and has recently reached the Fibonacci level of 0.786, which represents $60.06 billion. Importantly, the coin is also breaking past an ascending trendline that stretches back to 2017, which all presents a super bullish signal that will initiate a series of significant price explosions.

According to the analyst, if the XRP monthly candle closes above the Fibonacci level of 0.786, it will confirm an ascent to the Fibonacci level of 1.618 at which the crypto will attain total market shares of $283.42 billion. In regards to price action, the current supply of 57 billion XRP indicates a potential price target of $4.96 if this market cap is achieved.

However, as earlier stated, XRP’s recent price rally has ignited a strong bullish signal that is to result in a cascade of price surges. Therefore, EGRAG Crypto has projected multiple Fibonacci level targets for XRP market cap, with the attainment of each one, a confirmation of the next.

Following a successful climb to the Fibonacci level of 1.618, future targets by EGRAG are levels 2.0, 2.272, and 2.618, at which XRP is expected to have market cap values of $577.86 billion, $959.66 billion, and $1.83 trillion. These market shares will correspond to prices of $10.13, $16.83, and $32.11, respectively.

XRP Market Cap Hits $65 Billion, Becomes 6th Largest Crypto

According to data from CoinMarketCap, XRP’s market cap is now valued at $65.24 billion, reflecting a 26.51% gain in the past day. Notably, the altcoin has also flipped DOGE to become the sixth-largest cryptocurrency amidst the recent price gain.

XRP began gaining aggressively on November 15, after SEC Chair Gary Gensler hinted at a possible resignation which may spell some good news in the Commission’s ongoing case with Ripple. These gains have been further strengthened by a massive buying spree by the XRP whales who are eyeing larger future gains.

At the time of writing, XRP trades at $1.10. Meanwhile, the asset’s daily trading volume has increased by 104.46% and is valued at $23.13 billion.

XRP trading at $1.11 on the daily chart | Source: XRPUSDT chart on Tradingview.com

Featured image from CryptoRank, chart from Tradingview

Semilore Faleti

Semilore Faleti is a cryptocurrency writer specialized in the field of journalism and content creation. While he started out writing on several subjects, Semilore soon found a knack for cracking down on the complexities and intricacies in the intriguing world of blockchains and cryptocurrency.

Semilore is drawn to the efficiency of digital assets in terms of storing, and transferring value. He is a staunch advocate for the adoption of cryptocurrency as he believes it can improve the digitalization and transparency of the existing financial systems.

In two years of active crypto writing, Semilore has covered multiple aspects of the digital asset space including blockchains, decentralized finance (DeFi), staking, non-fungible tokens (NFT), regulations and network upgrades among others.

In his early years, Semilore honed his skills as a content writer, curating educational articles that catered to a wide audience. His pieces were particularly valuable for individuals new to the crypto space, offering insightful explanations that demystified the world of digital currencies.

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Currently at NewsBTC, Semilore is dedicated to reporting the latest news on cryptocurrency price action, on-chain developments and whale activity. He also covers the latest token analysis and price predictions by top market experts thus providing readers with potentially insightful and actionable information.

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He also promotes political participation by all persons at all levels. He believes active contribution to governmental systems and policies is the fastest and most effective way to bring about permanent positive change in any society.

In conclusion, Semilore Faleti exemplifies the convergence of expertise, passion, and advocacy in the world of crypto journalism. He is a rare individual whose work in documenting the evolution of cryptocurrency will remain relevant for years to come.

His dedication to demystifying digital assets and advocating for their adoption, combined with his commitment to social justice and political engagement, positions him as a dynamic and influential voice in the industry.

Whether through his meticulous reporting at NewsBTC or his fervent promotion of fairness and equity, Semilore continues to inform, educate, and inspire his audience, striving for a more transparent and inclusive financial future.

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