Crypto analyst ChartNerd shared a long-term XRP chart suggesting a possible significant price increase for the cryptocurrency in the current cycle.
Breakout Confirmation and Long-Term Trend Support
The XRP chart, dating back to 2013, shows monthly candlesticks highlighting key breakout levels and projected targets for the cryptocurrency. The analyst emphasizes XRP's past respect for the Fibonacci levels 1.272 and 1.618, which support their current cycle predictions.
XRP Cycle Top Projections: $8.41 and $27.34
In the upper right quadrant of the chart, two Fibonacci extension targets are presented: 1.272 at $8.41485 and 1.618 at $27.34345. These targets are based on XRP's historical price movements.
Analyst’s View Anchored in Technical Structure
ChartNerd’s analysis is based purely on technical chart structures, without consideration of macroeconomic issues. The projected targets align with Fibonacci extension theory, and specific dates for achieving these levels are not provided, suggesting a long-term outlook.
ChartNerd’s analysis suggests a potential significant increase for XRP in the current cycle based on technical analysis and adherence to historical levels, without external economic factors.
