XRP's Fib 1.618 level is a crucial support for price stability.
A strong Wave 5 setup could trigger a rally to double-digit prices.
Losing key support may lead to deeper XRP price correction.
Ripple (XRP) investors are closely watching the Fib 1.618. This Fibonacci retracement level from the previous cycle has acted as a strong support for years. Losing this price level could be disastrous for XRP's price.
On the other hand, XRP might be setting up for a major rally if this level holds strong. Some believe this could finally push XRP into double-digit territory.
https://twitter.com/egragcrypto/status/1837027111569154459 XRP’s Journey to MACRO Wave 5
Since 2017, XRP has been retracing within MACRO Wave 4, consolidating after the last big cycle. This extended period of price stagnation has tested the patience of many investors.
However, a setup for MACRO Wave 5 is now forming. In Elliott Wave theory, Wave 5 often leads to explosive gains. If the price of XRP stays above the Fib 1.618, a big rally could be on the horizon.
Technical analysts are watching the monthly chart closely. Losing this key support could send XRP into a deeper correction. If the stars align and Wave 5 kicks off, XRP could finally climb into double digits.
Is a Double-Digit XRP Possible?
More than just technical support will be needed for XRP to hit double digits. Strong market momentum and bullish sentiment across the crypto space are crucial.
Despite challenges, including ongoing regulatory issues, the price of XRP has shown resilience. The Fib 1.618 level is a crucial point that could pave the way for a big rally.
If XRP holds this support and Wave 5 unfolds as expected, the token's price might smash through its previous all-time highs. The next few months could be pivotal. Will XRP finally break out into double digits? Only time will tell, but the signs are promising.
The post Fib 1.618 Holds Strong: Is XRP Ready for Double Digits? appeared first on Crypto News Land.
