- Analyst targets $11.61 for XRP based on market dominance.
- Key Fibonacci levels signal potential major rally for XRP soon.
- Ripple’s legal victory fuels strong bullish momentum for XRP price.
According to a crypto market analyst Egrag Crypto, XRP could be on track for a significant rally in the current bull cycle. His projection points to an “ideal” price of $11.61, supported by technical indicators from the XRP market dominance monthly chart.
Egrag Crypto belives that market dominance will be a critical element in monitoring the rate of XRP. He pointed out Fibonacci retracement levels as a major reference point for where the price would tend to be targeted. The initial significant resistance, as he observed, is at the 0.5 Fibonacci level, which is equivalent to $5.92.
In his view, breaking that level could lead to the 0.618 Fibonacci zone at $8.87. Although this price might create some form of resistance, he does not find it strong enough to stop any further gains.
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Higher Fibonacci Levels Could Push XRP Beyond Expectations
Egrag Crypto analysis suggests that surpassing $8.87 may open the path to $11.61, which he considers the ideal peak for this cycle. However, he also outlined a more aggressive scenario if XRP moves beyond the 0.702 Fibonacci resistance at $11.61.
The Fibonacci level at 0.888 would then be in action and might propel XRP to the US$21.50 mark. This price range, as he says, may give rise to a rapid and large price increase.
Such projections are underpinned by what Egrag Crypto describes as strong fundamental momentum. The recent ruling in the legal tussle between Ripple and the United States Securities and Exchange Commission has given fresh hope in the market.
When the analysis was conducted, the price of XRP was at 3.34. This price level, in conjunction with bullish technical and fundamental indicators, leads him to believe that the cryptocurrency might be undergoing a sustained rally.
Market watchers will now be monitoring the $5.92 and $8.87 levels closely, as these points could determine whether XRP achieves its ambitious targets. The analyst asserts that the market dominance chart will continue to be a significant indicator of monitoring the power of the uptrend.
Conclusion
XRP’s potential path to $11.61 and possibly $21.50 rests on breaking key Fibonacci levels and sustaining momentum. Technical indicators and recent legal developments are providing a supportive backdrop for the bullish outlook.
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