In a new technical analysis shared on X, cryptocurrency analyst Egrag outlined a potential trajectory for XRP that could imply a staggering 1,350% price increase. Egrag's predictions depend on the application of the Fibonacci Speed Resistance Fan (FSRF), a tool often used by experienced traders to predict key levels of support and resistance.
FSRF is a charting method based on the core principles of Fibonacci analysis, which is based on the mathematical relationships expressed in the Fibonacci sequence. FSRF draws three trendlines from significant lows or highs to corresponding points on the chart representing major Fibonacci retracement levels (usually 0.382, 0.5, and 0.618).
Is XRP price heading for a 1,350% surge?
These lines are designed to indicate areas where support or resistance is likely to emerge as price approaches it, effectively creating a fan spread across the price chart. Egrag has pulled the Fibonacci speed resistance fan from July to a high of $0.96 following summary judgment in the XRP case between Ripple Institute vs. US Securities and Exchange Commission (SEC).
“After the July pump, #XRP encounters resistance at FSRF 0.618, with the next resistance around 0.75 cents,” Egrag said.
The FSRF is made up of multiple trendlines that help depict potential turning points in the XRP price. According to Egrag analysis, XRP recently closed above the FSRF 0.5 line for several days, showing a bullish sign. “A bullish pattern has emerged as XRP achieved multiple daily closes above FSRF 0.5,” Egrag said, suggesting potential strength in the market.
Egrag's analysis points to a series of target prices for XRP, stating, “The roadmap for the future includes: 1) FSRF 0.618 (approx. 0.75 cents); 2) FSRF 0.75 (approx. $1); and 3) Fib Extension 1.618. (approx. $1.5), 4) FSRF 1 ($1.96).
If XRP price breaks above the $2 mark, analysts predict that a wave of FOMO (fear of missing out) could propel the asset towards its ambitious target of $27. ing. Such a jump represents a 1,350% increase from current levels, an unprecedented move in the volatile world of cryptocurrencies, but certainly an ambitious one.
The chart shared by Egrag also highlights the importance of the “last line of defense.” This term refers to a key support zone around $0.29 that, if held, could strengthen the bullish case for XRP.
Egrag's current sentiment reflects the resilient spirit of the XRP community, often referred to as the XRP Army, and is a rallying call for patience: “STAY STEADY!” Fatigue is understandable, but remember that glory awaits us in Valhalla. ”
At the time of writing, XRP was trading at $0.56991. As analyzed a few days ago, the price managed to break out of the downtrend channel on the 1-day chart and has now successfully completed a retest, which confirms Egrag's bullish theory.
