Renowned cryptocurrency analyst Blockchain Backer suggested XRP could reach $10 in a new market cycle, based on historical data and Fibonacci extensions.
Fibonacci and Price Targets
Blockchain Backer claims XRP’s price movements align with historical Fibonacci extensions. Past market rallies saw assets like Ethereum and Litecoin reach 4.236 Fibonacci levels after key breakouts. For XRP, this predicts a price target between $8.68 and $10.40 at the next peak. This projection assumes Bitcoin hits a cycle peak of $127,000, positioning XRP at $10.40 with a correlation of 8,200 satoshis per Bitcoin.
Bitcoin's Market Influence
Historically, Bitcoin's market cycle dictates altcoin performance. However, Blockchain Backer notes that altcoins don't peak simultaneously with Bitcoin but during its retracement phase. This suggests XRP's peak price likely occurs when Bitcoin cools off from its high. XRP’s price pattern shows strong rallies as Bitcoin dominance wanes, indicating a potential major breakout in a post-peak Bitcoin environment.
Realistic Expectations
A crucial factor for XRP’s potential is market capitalization. Blockchain Backer highlighted that without Bitcoin surging past $200,000 to $300,000, it’s unlikely for XRP to cross $10.40. The token currently trades at $2.28, with a projected increase of over 300%, aligning with historical altcoin cycles. Other analysts have similarly projected such targets.
While cryptocurrency market dynamics fluctuate, underlying fundamentals point to a potential XRP rise to the $8–$10 range in upcoming cycles. As always, conducting individual research prior to investment decisions is advised.
