Crypto market analyst Egrag Crypto has presented an optimistic forecast for XRP in the current bull cycle, setting a target of $11.61 based on technical indicators.
Analyst's XRP Forecast
According to Egrag Crypto, XRP could be on track for a significant rally. His projection points to an ideal price of $11.61, supported by technical indicators from the XRP market dominance.
Key Fibonacci Levels as Indicators
The analyst emphasizes that market dominance will be critical in monitoring the rate of XRP. He suggests that the initial significant resistance is at the 0.5 Fibonacci level, synchronized with a price resistance of $5.92.
According to Analysis, XRP Capable of More
Egrag Crypto believes that surpassing $8.87 may pave the way to $11.61, seen as the ideal peak for this cycle. If XRP breaks through the 0.702 Fibonacci resistance at $11.61, it could potentially reach $21.50.
The potential upward path for XRP to $11.61 and possibly $21.50 hinges on breaking key Fibonacci levels and sustaining momentum, supported by technical indicators and recent legal developments.
