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One analyst believes that a potential cryptocurrency market bull run will propel XRP to new all-time highs following the emergence of a bullish pattern.
After a recent spike, the price of XRP has dropped to around $0.548 amid a short-term bearish trend that has enveloped the crypto market in the past 48 hours. Nonetheless, many analysts are backing XRP to bounce back in grand style, especially if the bullish momentum fully returns to the market.
Prominent analyst EGRAG Crypto is among those in favor of a parabolic XRP price recovery when market conditions improve. In a recent update, the analyst used the popular Fibonacci Speed Resistance Fan (FSRF) as an indicator to predict future XRP price action.
In his analysis, EGRAG Crypto noted that the FSRF indicator is a reliable tool that makes it easier to identify key resistance and support areas. In the case of XRP, the analyst points out that an FSRF resistance limited XRP’s continued surge after the landmark July 2023 ruling.
However, he expects the bulls to put on a fine fight as the bull market progresses. One factor triggering this prediction is the fact that XRP has achieved several daily closes above FSRF 0.5 in recent weeks.
A sustained play above that level opens up other key resistance levels, including $0.75, $1, $1.5, and $1.96, which is at FSRF 1.
Moving beyond that price point, the analyst expects greater FOMO among investors. Such FOMO, he believes, will set the tone for XRP to surge to $27, a near 1,350% increase from the $1.96 price level.
#XRP Fib Speed Resistant Fan – FSRF (Update – GLORY AWAITS US IN VALHALLA):
For a detailed review of our targets, refer to the post on March 14, 2023, at https://t.co/dUXJakUkWv.
Quick Brief:
The Fibonacci Speed Resistance Fan (FSRF) is a powerful tool in technical analysis,… pic.twitter.com/5cuLapJ9Ii— EGRAG CRYPTO (@egragcrypto) February 19, 2024
Will XRP Break Its Previous All-Time High?
At its peak in January 2018, XRP hit an all-time high of $3.84, a price mark that the cryptocurrency failed to reach during the previous market peak in 2021.
However, multiple analysts tip XRP to break that milestone in the coming years, especially with Ripple’s legal battles gradually coming to a climax. Some predict a surge as high as $10, while others believe a moderate $2 target in the short term and recovery to all-time highs remain on the cards.