- Fibonacci Retracement and the Golden Ratio
- The 7-Year Consolidation Wedge
- Short-Term and Long-Term Price Projections
For the past seven years, XRP has been in a consolidation phase, but analysis indicates a breakout could be about to occur. In a recent YouTube study, analyst Bleeves Crypto noted important signs pointing to a possible upward movement for XRP, despite recent price fluctuations.
Fibonacci Retracement and the Golden Ratio
The analysis begins by examining XRP’s recent price behavior through the lens of Fibonacci retracement. In July, XRP shifted its trend, starting a slow ascent. Supported by the Golden Ratio (161.8%) on the Fibonacci scale, this suggests the likelihood of a transient price increase to $1.10.
The 7-Year Consolidation Wedge
One of the most notable aspects of XRP’s price movement is its extended consolidation period, lasting over seven years. XRP has remained locked within a wedge pattern with no substantial breakout since its previous high in 2017. However, this could set the stage for a breakout, potentially reaching $25 in perfect market conditions and as XRP succeeds as a global payment system.
Short-Term and Long-Term Price Projections
In the short term, Bleeves Crypto expects a breakout to $1.25, aligning with the upper limit of XRP’s current range. In the mid-term, growth could push the price to $3.31, and in the long-term, under ideal conditions, to $25. With XRP trading around $0.60, the analyst suggests its market cap could increase 30x if it matches Bitcoin’s valuation.
The analysis suggests potential growth for XRP, though uncertainties remain. The forthcoming months will be crucial in assessing further prospects.
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