Ripple (XRP) is currently sitting in third position in terms of the biggest cryptocurrencies by market capitalization. There has been optimism around XRP’s price potential, with excitement surrounding the possibility that the Ripple token could break out.
In an analysis by the C-Zar Gets Crypto YouTube channel, a crypto analyst presented an 11-minute video explaining why the price of XRP could be poised for a surge. Currently trading at around $3.10, XRP is on the verge of potentially hitting new all-time highs, according to his technical analysis.
XRP Price Analysis and Projections
The analyst describes a “fake-out” move within a consolidation phase in a pennant pattern. These patterns are typically followed by a move in the opposite direction of the fake-out, suggesting that after breaking out, XRP price could continue its upward trajectory.
C-Zar predicts the next price target for XRP token to be around $3.77. A breakout from this level could propel it to reach between $4.22 and $4.43 by the end of the week.
Looking further ahead, C-Zar uses Fibonacci analysis to argue that the XRP is on track to surpass $6. He references the high from the last cycle in April 2021 to the low in June 2022 to support his claim that XRP is currently at a crucial Fibonacci level, the 1.272 extension, which he interprets as a sign of an impending bullish continuation.
The minimum target he sets for XRP is $6.41, with ambitious upper targets at $10.71 or even $13, based on Fibonacci extensions.
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C-Zar noted the bullish consolidation phase XRP price is experiencing. He noted how the token has moved through the Fibonacci levels, a sign of strong market sentiment. With this, the analyst suggests that a breakout above $3.11 could trigger what he describes as a “major pump,” potentially leading to a 100% or greater increase in value within the next month.
From a starting point of $0.50 just a few months ago, C-Zar envisions a scenario where the XRP price could reach $10 by the end of February, presenting a remarkable growth opportunity for investors. This analysis is grounded in technical patterns and historical performance, offering a hopeful outlook for the near-term future.
