Ripple Analyst Highlights Bullish Fibonacci Levels and Elliot Wave Count: Shares Next Key XRP Targets
XRP, the native token of the Ripple blockchain, has been under the radar of several analysts and traders closely monitoring its price action for signs of a potential breakout. EGRAG Crypto, a prominent analyst, has recently shared insights on XRP’s technical setup, suggesting that the token may be poised for significant gains in the near future.
What you'll learn 👉
Fibonacci 0.5 Level Holds Strong
According to EGRAG Crypto, XRP has found support at the crucial Fibonacci 0.5 level, which currently sits at $0.5766. This level has proven to be a key area of interest for bulls, who have been “gobbling up every single dip” in the market.
The analyst notes that the longer the bottom wick on XRP’s price candles, the better, as it demonstrates the strong appetite of bulls and their willingness to defend this critical support level. As long as XRP continues to hold above the Fibonacci 0.5 level, the outlook remains bullish, with the token potentially targeting $1.40 in the coming weeks and months.
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Show more +Elliot Wave Count Suggests $27 Target
EGRAG Crypto delves into XRP’s Elliot Wave Count, a popular technical analysis tool that predicts future price movements based on recurring wave patterns, in a separate tweet. The analyst suggests that XRP may be on track to reach a staggering $27 target, although they acknowledge that some may find this prediction skeptical or difficult to comprehend.
EGRAG Crypto’s Elliot Wave Count does not include the Grand Super Cycle, which comprises waves labeled I, II, and so on. This omission is intentional, as the analyst recognizes that many may not fully grasp the significance of XRP’s potential to solve real-world problems.
Despite the ambitious price targets and the potential for skepticism, EGRAG Crypto encourages the XRP Army to remain steady and focused. The analyst quotes Warren Buffett, the legendary investor, who once said, “Diversification is protection against ignorance. It makes little sense if you know what you are doing.”
This quote serves as a reminder that investors who have a deep understanding of XRP’s fundamentals and the problems it aims to solve may not need to diversify their holdings extensively. Instead, they can remain confident in their investment thesis and hold strong during periods of market volatility.
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