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Notable crypto analyst EGRAG expresses confidence in an $XRP surge to the monthly Fibonacci 1.614 retracement level, which aligns with a target of $6.4.
EGRAG’s latest analysis comes as $XRP follows the direction of the rest of the crypto market over the last few weeks. As a result, the prevalent market downturn has impacted its chances of a price run. This bearish condition pushed $XRP below the crucial $0.50 price threshold in mid June, triggering more dips to $0.4620 on June 24.
$XRP Demonstrates Resilience
However, market data confirmed that $XRP displayed greater resistance against the bearish market forces than most assets. Despite closing June with a loss, $XRP only observed an 8% drop, only behind Bitcoin’s (BTC) 7% decline. Meanwhile, Solana slumped 11.49%, while Ethereum dropped 8.62% in June. Dogecoin (DOGE) crashed 21%.
In his analysis, delivered on June 30, EGRAG stressed that $XRP’s resilience has kept it above a pivotal level. Notably, this level is the Fibonacci 23.6% region on the monthly timeframe, which aligns with a $0.4521 price. According to the analyst, $XRP was about to close June above this price territory, which is crucial for the next price movements.
#$XRP From Here To Here – Minimum Target: $6.4
With all the saga in the last couple of weeks, the monthly time frame candle formation is closing above Fib 0.236. This is simply a natural consolidation! 📈
Next target:🎯 Fib 0.5! Flip it with conviction, and then we fly to Fib… pic.twitter.com/SZzrwZeXxU
— EGRAG CRYPTO (@egragcrypto) June 30, 2024
He argued that the prevalent market was not out of the ordinary, tagging it a typical period of consolidation. Remarkably, $XRP eventually closed June at $0.4761, registering a confident position above Fib. 0.236. This was significant, as the close above this Fibonacci level sets $XRP up for a push toward its next target.
EGRAG’s chart puts this next target at Fibonacci 0.5, currently aligned with the $0.7512 price. The last time $XRP saw this price level was in July 2023 when it spiked to $0.93. The token’s chances of reaching this next target are bolstered by its penchant for registering impressive performances in July.
$XRP’s Minimum $6.4 Target
Notably, over the past four years, $XRP has recorded consecutive monthly gains in July, per CryptoRank data. These gains have averaged 29% within this timeframe. If $XRP sees a 29% increase this July, its price could retest the $0.61 territory. Such a push would grant enough momentum for the bulls to aim for the $0.7512 target.
EGRAG believes $XRP could roam toward a new all-time high if it eventually conquers this $0.7512 target at Fib. 0.5. The analyst’s minimum target for such a rally sits at $6.4 (Fibonacci 1.618) after it breaches the resistance at $1.96. A rally to $6.4 would mandate a massive 1,237% increase from $XRP’s current level.
Interestingly, EGRAG has persistently expressed confidence in $XRP reaching this $6.4 target, leveraging different indicators. He previously presented this $6.4 price target for last June, calling attention to a weekly symmetrical triangle. Last month, he asserted that this target could be propelled by a “launching channel” on the 2-week chart.