In a recent video presentation, the widely-followed crypto influencer Ben Armstrong delved into intriguing perspectives regarding the future of XRP. He shed light on forecasts made by a prominent crypto analyst, hinting at the potential for XRP’s price to soar into significant double-digit territory.
Armstrong emphasized a forecast that envisions XRP reaching $89 in the long term and $1.4 in the short term. Achieving the $89 mark would necessitate an astonishing 17,359% surge from its present valuation.
The Technical Indicator: Fibonacci 0.5 Retracement
Central to this short-term projection is a key technical indicator – the Fibonacci 0.5 retracement level. If XRP can successfully close above this level, marked at $0.57, it could pave the way for a price ascent to $1.4. The Fibonacci retracement analysis considers the 0.5 level as a pivotal point, often signifying a potential turning point in an asset’s price trajectory. According to EGRAG, the anticipated surge to $1.4 appears to be on the horizon, suggesting it’s “just around the corner.”
EGRAG’s XRP update comes with a detailed chart highlighting critical milestones in XRP’s price performance. Notably, XRP has already transcended the red flag and ‘wicking’ zones at $0.3526 and $0.4719, respectively. Currently, XRP is within a “ranging” zone at its current price. Crossing the $0.5119 threshold would usher in a bullish phase, extending up to $0.5738, aligning precisely with the aforementioned 50% Fib retracement level. EGRAG emphatically stated that surpassing $0.5738 could unlock substantial price gains.
Short-Term Projections: XRP’s Path Ahead
The forecasted price points within the short term include XRP reaching $0.6432, $0.7409, $0.9310, and the ultimate target of $1.4, representing a notable 175% surge. Remarkably, these projections are expected to materialize within the next two months.
Armstrong also highlighted the analyst’s long-term outlook for XRP. EGRAG based this perspective on historical accumulation patterns, stating that the longer an asset remains in an accumulation phase, the more potent its subsequent breakout becomes. With XRP having been in accumulation for six years, EGRAG projected the potential for a substantial 27x surge, leading XRP to the impressive milestone of $89.
Presently, XRP is trading at $0.5093, with a focus on reclaiming the $0.51 price point following a recent dip below it. Over the past week, the asset has exhibited a noteworthy 3.93% increase, indicating its ongoing resilience and potential for exciting developments in the crypto market.