The recent XRP price action and a lack of resistance at the current level suggest new all-time highs could be on the horizon.
XRP joined a broader market downtrend yesterday, retracing nearly 6% from its price at the start of the day. While it remains below the crucial resistance level at $3.40, its sustained consolidation above $3 has bulls optimistic that XRP will target higher prices.
Higher Highs and Higher Lows Trend For XRP
Most recently, analyst VirtualBacon indicated that XRP has been on a classical price uptrend since April’s low of $1.61, rallying in a pattern of higher highs and higher lows. The April low marked a higher low formation, with XRP making higher highs with May’s peak of $2.64.
XRP Targets With No Resistance in Sight
Moreover, the commentator noted that XRP has broken above the 2018 all-time high, meaning it has no other resistance in sight. It bears mentioning that the real XRP all-time high has been a subject of debate, with outlets like CoinMarketCap setting its XRP all-time high at $3.84, but some markets put it at $3.31.
With that in mind, the analyst stated that there are no existing targets for XRP if it breaks out, as it has already defied all charted resistance levels. As a result, he used the Fibonacci retracement to determine the price targets for XRP’s next leg up for swing trades.
Applying the retracements, he highlighted that the levels at $3.80, $4.10, and $4.47 are the realistic swing targets for XRP. From the current price of $3.12, this marks a 21.7%, 31.4%, and 43.3% increment, respectively.
Fibonacci Levels for XRP Rally | VirtualBacon
Interestingly, the Fibonacci retracement shows XRP could go higher to $5.5, but he warned that a target above the 1.00 level for a swing trade is a bit on the high side.
Nonetheless, other analysis views the targets as conservative for XRP. For context, Tony Severino predicted a rally to $12.73 by early September. Moreover, with a possible US XRP spot ETF in view, Kenny Nguyen projects that XRP will reach between $22 and $50.