XRP price is currently seeing corrections after a massive six-week rally. Notably, XRP recently peaked at $2.82, its highest level since January 2018, before pulling back in the past 24 hours. This pullback has seen XRP drop by around 12% in the past 24 hours as Bitcoin breaches the psychological $100,000 barrier.
Despite the current correction, crypto analyst Dark Defender suggests that XRP is still on track for further gains, with Fibonacci levels indicating an 80% price rally from the current price.
XRP Price Hits Key Fibonacci Levels Amid Correction
Dark Defender, a popular crypto analyst, shared his thoughts on social media platform X, explaining that Ripple’s Fibonacci levels help identify price movements through Fibonacci levels, revealing key price targets to look at and key support levels to watch. Fibonacci retracement and extension levels often act as crucial indicators of support and resistance during uptrends and downtrends.
According to the 4-hour XRP/USD price chart that accompanied his forecast, an ongoing correction began after XRP reached the 261.8 Fibonacci extension level. According to him, this pullback is not unexpected, given the recent rally. Interestingly, he also noted that the sideways movement is likely to continue before the rally resumes.
Price targets
In his post, Dark Defender emphasized that XRP’s bullish momentum remains intact despite the short-term correction. In terms of price prediction, he highlighted two key targets at $2.92 and $3.99, which translates to a 27.5% and 80% increase, respectively, from the current price level. Interestingly, hitting the second price target would see XRP price break its all-time high of $3.40, which has been in place for almost seven years. Although this all-time high has been out of reach for a long time, current market trends and buying momentum suggest that it will be broken before the end of the year.
On the other hand, Dark Defender highlighted key support levels to watch at $2.27 and $2.13. The second support level at $2.13 is the most notable as it aligns with the 161.80% Fibonacci extension level and represents the expected end of the C wave correction phase in the Elliott Wave analysis.
At the time of writing, XRP is trading at $2.30, down 12.3%. However, it is still up 55% and 351% over the past 24 hours and seven days respectively.
At the moment, the sentiment surrounding XRP remains bullish, and the XRP price rally could resume anytime soon. One important driver of this optimism is the upcoming launch of Ripple’s RLUSD, which is set to launch anytime soon.
However, there is no specific launch date for RLUSD yet, as Ripple recently highlighted that it is awaiting final approval from the New York State Department of Financial Services (NYDFS).