XRP (XRP) is gearing up for a significant price movement, entering what analysts are calling “qualification mode” as it targets a long-term price of $36.
The cryptocurrency has surged 40% this week, currently trading at $0.61, with traders anticipating a significant move.
Based on its recent trajectory, crypto analyst Dark Defender has suggested that the token’s technical indicators signal a potential breakout.
XRP price analysis chart. Source: Dark Defender/ X
This equilibrium adds to the anticipation of a potential breakout. The Fibonacci retracement levels provide a roadmap for XRP’s potential price targets, suggesting that a breakout above the $0.6649 resistance could propel XRP towards higher Fibonacci targets, including the 161.80% extension at $1.8815, the 261.80% extension at $5.8563, and the 361.80% extension at $18.2275.
The long-term target of $36 corresponds to a substantial move beyond these Fibonacci levels, justified by historical price behavior and market sentiment.
XRP price analysis
At the time of reporting, XRP was valued at $0.61, with an increase of 3.2% in 24 hours.
XRP 7-day price chart. Source: Finbold
The current technical setup favors a bullish breakout, making the $36 target an exciting possibility for long-term investors. Investors should stay alert for any breakout signals, as they could provide significant trading opportunities.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
