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.
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.
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.
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! — Dr. Huber🔥🦅🔥 (@Leerzeit)
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.
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