Popular cryptocurrency analyst Dark Defender has predicted that the price of the native token of the XRP Ledger, $XRP, could surge as much as 32% over this week to hit $0.66 after the cryptocurrency reaches its next Fibonacci level.
In a post shared on the microblogging platform X (formerly known as Twitter) with their nearly 100,000 followers, popular analyst Dark Defender noted that on XRP’s daily chart the cryptocurrency broke through its initial resistance in a move similar to one seen in mid-July, as it gears up to each its next Fibonacci level which “stands at exactly $0.6649.”
Fibonacci retracement levels, it’s worth noting, indicate support and resistance areas in an asset’s price chart, with each level being based on a percentage of the previous price movement. These retracement levels are at 23.6%, 38.2%, 61.8%, and 78.6%.
These levels are derived from the Fibonacci sequence, a mathematical pattern that appears in nature and finance. Traders use these levels to identify potential entry and exit points for their trades, as well as to set stop-loss and take-profit orders.
XRP is at the time of writing trading at $0.50 per token, which would mean it could surge well over 30% to reach $0.66 this week if the analyst’s price prediction is accurate. As CryptoGlobe reported, earlier this month popular analyst Egrag Crypto shared an XRP price prediction pointing to an impressive price surge of over 1,000% for the cryptocurrency to trade at the $6.7 mark in the future, as it’s been holding above a 10-year trendline support on its monthly chart.
Earlier, another analyst said in a video the native token of the XRP Ledger has been following the path of most other digital assets in trading sideways, but could soon breakout as did other digital assets including MakerDAO’s $MKR.
Featured image via Unsplash.
