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XRP trades above key EMAs – Analysts predict a 6,800% rally to $168!

Press Releases Crypto News AMB-Crypto XRP trades above key EMAs – Analysts predict a 6,800% rally to $168!

XRP surpasses 1.618 Fibonacci level, analysts eye a potential 6,800% rally to $168 this cycle.
Strong uptrend confirmed as XRP trades above 20, 50, 100, and 200-day EMAs, showing bullish momentum.

XRP’s price action is attracting attention as analysts reference historical Fibonacci extensions to predict potential long-term targets. Following a breakout from a six-year triangular consolidation, XRP was trading at $2.37 at press time with a 24-hour volume of $20 billion.

Despite a 5.32% decline over the past day, the asset’s technical indicators and historical fractals suggest the possibility of substantial gains in the ongoing market cycle.

Market data reveals a circulating supply of 57 billion XRP, giving it a market capitalization of $135.17 billion. Analysts argue that XRP’s breakout mirrors its 2017 bull cycle, where the asset saw a more than 600x surge, reaching its all-time high of $3.40.

Current projections suggest the cryptocurrency could rally to $168, aligning with the 2.414 Fibonacci extension level, should a similar performance occur.

Fibonacci levels provide key targets for price projections

Historical price movements play a central role in the current analysis. During the 2017 rally, XRP respected Fibonacci levels, reaching the 2.414 extension before peaking.

Javon Marks, a crypto analyst, noted that XRP’s past alignment with these levels adds credibility to the current projection of a potential 6,800% rally.

Source: X

In the present cycle, the 1.618 Fibonacci level has already been surpassed, with further price extensions aiming toward $4.50 and $13.00 as intermediate targets before reaching the $168 mark.

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Author: Olivia Stephanie

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