During a recent positive trend in the digital currency space, renowned market expert EGRAG outlined crucial conditions that must be met for XRP to sustain its upward trajectory and potentially reach the target price of $1.3.
XRP emerged as one of the major beneficiaries of a recent altcoin rally over the weekend. Leveraging the positive market dynamics, the cryptocurrency breached the $0.60 mark on March 2nd and closed the trading day at $0.6442, marking an impressive single-day gain of 7.13%. Although there was a slight profit-taking correction on March 3rd, XRP maintained its value above $0.62.
Conditions for Sustaining XRP's Positive Trend
According to EGRAG, XRP can sustain its upward trend by meeting specific conditions. A crucial requirement is for XRP to record several daily closing prices above the key Fibonacci level of 0.382.
Analysis of accompanying charts revealed that the Fibonacci level of 0.382 currently stands at $0.6003. Notably, XRP last closed above this level at the end of November 2023, leading to a price surge that peaked at $0.70 on December 9th, 2023.
Following this analysis, XRP continues to close above the mentioned level, with a closing price of $0.6442 on March 2nd and $0.6271 despite subsequent correction. Maintaining this upward pattern is essential to sustain the current trend.
XRP surpassed psychological barriers between $0.59 and $0.62 during its recent surge last week. EGRAG emphasized that another significant target for bulls is to reach the $0.7529 level, corresponding to the Fibonacci level of 0.5.
If XRP were to achieve a daily closing above this price, it could provide further impetus to strengthen the current trend. XRP last closed above $0.7529 on July 21st, 2023, and retested the $0.75 mark in November 2023.
Potential Targets for the Bullish Market
In his analysis, EGRAG further explored the steps needed to reach specific targets, particularly considering Fibonacci levels of 1.236, 1.414, and 1.618. Achieving these targets could propel XRP into price ranges of $7, $15, or even $30.
The importance of each Fibonacci level was underscored, with 1.236 representing a possible reversal or continuation of the trend, 1.414 determining potential price targets or reversals, and 1.618 serving as the golden ratio, crucial for establishing price targets or key market turning points.
The analyst also highlighted the importance of monitoring the "W" formation on the three-day chart, which appears to be crucial for further development. This forecast considers both logarithmic and non-logarithmic scales, aiming for $1 on the logarithmic scale and $1.2 on the non-logarithmic scale, with an extended target of $1.3.
It is crucial for XRP to achieve several closing prices above the target value of $1.3. This would mark the asset's end to trading below $1. Currently, XRP is trading at $0.6258, representing a decrease of 1.03% over the last 24 hours.
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