XRP Price Bound For A 1,350% Surge?
These lines are designed to indicate areas where support or resistance is likely to emerge as prices approach them, effectively creating a fan-like spread across the price chart. Egrag has drawn the Fibonacci Speed Resistance Fan from July at $0.96 high following the summary judgment in the XRP lawsuit between Ripple Labs vs. the US Securities and Exchange Commission (SEC).
Egrag’s analysis points to successive price targets for XRP, stating, “The roadmap ahead includes targets at 1) FSRF 0.618 (around 0.75 cents) 2) FSRF 0.75 (around $1) 3) Fib Extension 1.618 (around $1.5) 4) FSRF 1 ($1.96).”
Should XRP’s price breach the $2 mark, the analyst anticipates a wave of FOMO (fear of missing out) could propel the asset towards the ambitious $27 target. Such a surge would represent a 1,350% increase from the current levels, a move that is not unprecedented in the volatile world of cryptocurrencies but certainly ambitious.
The chart shared by Egrag also underscores the significance of the “Last Line of Defense,” a term referring to a critical support zone around $0.29 that, if held, could reinforce the bullish case for XRP. Egrag’s current sentiment echoes the resilient spirit of the XRP community, often referred to as the XRP army, with a rallying call for perseverance: “STAY STEADY! I understand the exhaustion, but remember, GLORY awaits us in VALHALLA.”At press time, XRP traded at $0.56991. As analyzed a few days ago, the price has managed to break out of the downtrend channel in the 1-day chart and has now successfully completed a retest, which supports Egrag’s bullish thesis.
