The XRP price has been on a roll, with a gain of around 90% in the last seven days, providing a bullish outlook for the crypto. This bullish momentum might just be getting started as XRP is nearing the legendary 4.236 Fibonacci level, suggesting that a rally to $9 is possible.
XRP Price Approaches 4.236 Fib Level With A Rally To $9 Possible
In a TradingView post, Crypto analyst Lane McMurtrey revealed that the XRP price is near the 4.236 Fibonacci level and predicted that the crypto could top at $9.4 following this development. The crypto analyst further explained why this level is critical when watching out for market tops for the crypto.
According to the crypto analyst, in Fibonacci-based technical analysis, the 4.236 extension often represents a psychological and mathematical exhaustion for bullish moves. Lane McMurtrey stated that historically, when an asset hits this level, it leads to major profit-taking and exponential volatility. It also marks the beginning of a market reversal.
For the XRP price, the crypto analyst noted that this level is calculated based on its market cap, not just the price. McMurtrey remarked that the market cap hitting 4.236 is often the ultimate signal of euphoria and the time to prepare an exit strategy. He predicted that the top could be around $9.4, providing market participants with insights into what levels they should start securing profits.
The XRP price has significantly surged in the last couple of weeks and flipped USDT to become the third-largest crypto market cap. XRP is up over 300% year-to-date (YTD), but McMurtrey’s analysis shows that the crypto still has much more room to rally to the upside since he predicts that XRP will top at around $9.
Price Could Still Go Much Higher
Crypto analysts like Dark Defender and Behdrak have predicted that the XRP price could go much higher and reach double digits. Dark Defender predicts that XRP will rally to $18 sometime next year. Meanwhile, Behdark predicts that the crypto could reach as high as $28 based on his Elliot Wave theory analysis.
In a recent X post, Dark Defender provided an update on his $18 XRP price prediction. He stated that $2.1322 and $1.8815 are the next critical support levels to watch out for as XRP reached $2.9202, which happens to be a Fib level. The crypto analyst expects the crypto to range between $2.92 and $2.13 in the short term before another rally to the mid-target level of $3.9993.
At the time of writing, the XRP price is trading at around $2.62, up over 2% in the last 24 hours, according to data from CoinMarketCap.
Featured image created with Dall.E, chart from Tradingview.com
