Crypto analyst Egrag Crypto recently shared an in-depth analysis of XRP’s market phase, dubbing it the 'Kangaroo Phase'. His analysis focuses on critical support levels, Fibonacci retracement zones, and potential future targets.
XRP’s Current Market Position
Egrag Crypto emphasizes that XRP is holding above a key support trend level. He notes that the asset has successfully retested the Bull Market Support Band, an important technical indicator suggesting continued strength. XRP's position above the Fibonacci 0.888 level indicates a significant consolidation zone. The analyst identifies a macro consolidation range between the Fibonacci 1.0 level at $3.37 and the Fibonacci 0.888 level at $2.30, describing it as an area of price stabilization with short-term fluctuations between $3.40 and $2.00. This period of consolidation is seen as a precursor to the next major breakout.
Potential Price Targets for XRP
According to Egrag Crypto, XRP’s next major upward move could target the Fibonacci 1.272 level at $8.5 and the Fibonacci 1.414 level at $13. These price targets align with historical Fibonacci extension levels that played a key role in past market cycles. Beyond these targets, the Fibonacci 1.618 level suggests a potential price of $27 or higher, indicating that if XRP follows a similar trajectory to its 2017 cycle, significant price appreciation could occur.
Historical Comparisons and Market Cap Concerns
Egrag Crypto draws parallels between XRP’s current market structure and its 2017 performance, noting that XRP followed a Fibonacci extension pattern in the previous cycle, initially reaching the 1.618 level before consolidating and later surging to the Fibonacci 2.236 level. If this historical trend repeats, XRP could hit a price range of $27 to $222 based on Fibonacci projections. Anticipating skepticism regarding XRP’s market capitalization, Egrag Crypto dismisses concerns, arguing that market cap is a flawed metric when evaluating utility-driven assets. His stance suggests that traditional market cap calculations may not fully account for XRP’s potential adoption and real-world use cases.
Egrag Crypto concludes his analysis by emphasizing the historical advantage of long-term holding strategies over short-term trading, arguing that long-term holders outperformed active traders in previous market cycles.
