A recent tweet by analyst EGRAG Crypto highlighted an emerging technical pattern that could presage parabolic upside in Ripple (XRP). The analysis shows a potential 1350% surge from current levels.
EGRAG pointed out that XRP had formed a “Fibonacci Speed Resistance Fan” (FSRF). This is made up of three angled trendlines that show important Fibonacci ratios that tend to act as barriers during price uptrends and downtrends.
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According to the analysis, XRP faced resistance after peaking last July at the 0.618 FSRF level around $0.75. However, a bullish structure has taken shape more recently. XRP also notched consecutive daily closes above the crucial 0.5 FSRF mid-line.
This price action signals underlying momentum starting to transition in favor of buyers. The roadmap laid out identifies several key upside targets if bulls can sustain this technical posture.
Ripple (XRP) needs to break the $0.75 level
The first barrier envisioned stands at the 0.618 FSRF near $0.75 capped by the last rally attempt. Beyond this, the 0.75 FSRF, at around $1, is expected to provide another test.
After reclaiming $1 decisively, however, the analysis cites open air toward the 1.618 Fib extension level from the price at approximately $1.50. This lines up near the $1.96 mark, representing the 1.0 FSRF ceiling as well.
Once Ripple XRP conquers this area, the analyst expects full-on FOMO to kick in. This could do an impulse wave to drive prices explosively upwards by over 1350%, citing a measured target awaiting around $27 per XRP.
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EGRAG mentioned that while such a staggering figure may seem improbable to more conservative observers, the theory rests on sound technical concepts and constructs. As seen repeatedly in past bull cycles, cryptocurrencies display potential for truly parabolic advances once key levels are breached.
So should XRP manage to close its weekly candle above the 50 FSRF, located around $0.50 currently, odds seem to favor an upside breakout, as noted.
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