For the past seven years XRP has been in a consolidation phase but analysis indicates a breakout could be about to occur. In a YouTube study by Bleeves Crypto, the analyst notes that important signs point to possible upward movement even if XRP’s price has faltered in gathering momentum.
The expert believes that XRP could be ready for a jump to $1.25 in the immediate term, with a probable long-term aim of $25. The crypto community is keenly expecting a price explosion.
Fibonacci Retracement and the Golden Ratio
The analysis begins by examining XRP’s recent price behavior, particularly through the lens of Fibonacci retracement. XRP bucked its trend in July, starting a slow ascent, claims Bleeves Crypto. Supported by the Golden Ratio (161.8%) on the Fibonacci scale, this uptrend suggests the likelihood of a transient price increase to $1.10.
Although this might not appear revolutionary, the expert assures viewers that this might indicate the beginning of a more major XRP price movement. The Fibonacci tool describes the Golden Ratio as the 0.5 to 0.618 range; XRP broke out from this range, implying a positive attitude in the market.
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. Bleeves Crypto pointed out that XRP has remained locked within a wedge pattern, with no substantial breakout occurring since its previous high in 2017.
Moreover, this prolonged consolidation has been frustrating for many XRP holders, but the expert asserts that it might now be setting the stage for a breakout. In the most optimistic scenario, XRP could reach $25, though the analyst cautioned that this would depend on perfect market conditions and XRP’s success as a global payment system.
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Read also: This XRP Chart Looks Like a ‘Time Bomb’ – Will Ripple’s Token Repeat 2017?
Short-Term and Long-Term Price Projections
Looking at short-term projections, Bleeves Crypto expects a breakout pushing XRP to $1.25. This target aligns with the upper limit of XRP’s current range. For mid-term growth, XRP could rise to $3.31, which matches its previous high.
However, in a perfect long-term scenario, the analyst speculates XRP might achieve a price of $25, especially if the asset gains traction as a leading global payment provider.
With XRP trading at around $0.60, the analyst concluded by stating that XRP’s market cap, currently around $32 billion, could see a 30x increase if XRP matches Bitcoin’s valuation. Although cautious, the analysis suggests that XRP’s potential for growth remains, albeit uncertain.
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