A new forecast has spurred conversation among XRP users. With a possible price objective that excites some investors while others are dubious, Analyst Cryptobilbuwoo is charting an ambitious course for the cryptocurrency.
Echoes Of 2017: Fibonacci Paints A Bullish Picture
Forecasts from Cryptobilbuwoo are inspired by past trends, especially the XRP surge of 2017. Using a standard technical analysis tool, Fibonacci retracing levels, they observe a perhaps similar situation developing for the altcoin.
Think of a road map to the top. Fibonacci levels serve as milestones, pointing possible areas of opposition or encouragement throughout a price increase. Based on the crucial Fib. 1.618 level, Cryptobilbuwoo advises XRP could surpass the $33 barrier.
This would be a significant step forward, but the real climb comes next – a projected ascent to $589, based on the Fib. 2.382 level.
A Lofty Target: Can XRP Reach The Top?
Still, there is a major obstacle to go past. The coin would need a startling price rise of almost 100,000% to reach $589. Many market analysts are questioning this high aim. Some might regard this as more wishful thinking than a reasonable market forecast.
Other observers in the crypto market hold a different opinion and say XRP might potentially reach zero. Even if this situation looks severe, it emphasises how erratic the bitcoin market is by nature.
Data from Coangecko indicates that XRP was trading at $0.5004 at the time of writing, down 1.4% and 4.2% in daily and weekly timesframes.
Meanwhile, in the XRP community, the $589 narrative used to be the main focus. The community’s excitement to see XRP at $589 is evident in the tweet below:
It seems that most of the XRP community would hate to wake up tomorrow to a $589 XRP, as this would mean they could no longer accumulate it. But then again $589 is still cheap and actually nothing compared to what is actually coming! pic.twitter.com/hvySrx0RpY
— Dr. Huber🔥🦅🔥 (@Leerzeit) May 7, 2024
Signs Of Optimism: Fueling The Ascent?
Though there is doubt about the $589 target, XRP shows encouraging developments. Resiliently hovering above the psychologically significant $0.50 mark, the coin has shown consistency.
Investors shifting XRP off exchanges has also become a trend. This would point to a more long-term optimistic view and might lower selling pressure.
Technically, Cryptobilbuwoo finds support for their XRP historical price chart projection. They highlight on the XRP/BTC chart a declining triangle pattern, a configuration that anticipated XRP’s 2017 breakthrough. Might this be evidence of history repeating itself?
The Verdict: A Measured Climb Or A Fall From Grace?
Technically, Cryptobilbuwoo finds support for their XRP historical price chart projection. They highlight on the XRP/BTC chart a declining triangle pattern, a configuration that anticipated XRP’s 2017 breakthrough. Might this be evidence of history repeating itself?
Featured image from Reddit, chart from TradingView