Two Major Fibonacci Levels Put XRP Price At $8.40 And $27

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Two Major Fibonacci Levels Put XRP Price At $8.40 And $27 - NewsBTC

Quick Summary:

As shown in the chart, XRP launched from a low of $0.00310 in 2017 to an all-time high of $3.40 in 2018 during its third wave (labeled (3)), hitting both Fibonacci extension levels of 1.272 and 1.618 before retracing in wave four. According to the analyst, the current price action since 2020 constitutes the formation of the fifth impulse wave.

Analyst Points To Fibonacci Targets At $8.40 and $27 XRP’s price structure in the current cycle has been significantly shaped by its breakout above a tightening wedge formation, which had compressed price action from 2021 through the early months of 2024.

This formation, clearly visible on the monthly candlestick timeframe, served as a multi-year consolidation zone that capped upward momentum and defined a range-bound market. Related Reading: XRP Price At $9 In September: Gann Angle Resistance Grid Predicts Surge The eventual breakout from this structure ended a prolonged bear market and began a fresh bullish phase.