- XRP’s “Kangaroo Phase” shows consolidation, with key support at $2.30, while resistance at $3.40 limits major moves for now.
- Fibonacci levels suggest breakout targets between $8.50 and $13, with Fib 1.618 indicating a possible rally beyond $27.
- XRP must hold above $1.64 to maintain a bullish pattern, while a break above Fib 1.414 could lead to a surge toward $13 plus.
According to Egrag Crypto, XRP is currently in what he calls the “Kangaroo Phase.” This period of consolidation suggests the asset is gearing up for a major breakout. XRP has been holding above an important support trend level, which has been supported by a successful retest of the Bull Market Support Band.
XRP has also remained above the Fibonacci 0.888 level, currently aligning with the $2.30 level. Egrag says this level is a key launchpad for bullish price action. The asset trades between $2 and $3.40, a zone he describes as noise consolidation. As long as XRP stays within this range, he suggests that no major movements in price action will occur.
Fibonacci Levels and Potential Breakout Targets
Egrag Crypto emphasizes that XRP’s current positioning aligns with historical patterns. The asset is consolidating within a macro Fibonacci 1.0 region, spanning between $2.30 and $3.37.
Historically, similar setups have preceded strong price movements. Based on Fibonacci extensions, Egrag predicts XRP’s next major jump to range between $8.50 and $13, supported by Fib 1.272 and Fib 1.414 levels.
However, he also considers the Fibonacci 1.618 level, which suggests a potential rally beyond $27. If XRP follows its 2017 bull cycle, it could extend further towards Fib 2.236, placing price predictions between $27 and $222.
According to the analyst, past market behavior supports these predictions. In 2017, XRP initially surged to Fib 1.618, consolidated, and then made another parabolic move towards Fib 2.236. If history repeats, similar price action could occur in the coming months.
Key Resistance and Market Cap Debate
Egrag also points out the Fibonacci Circle at the 1.414 level, which is a major resistance point. If XRP breaks above this level, the next leg up could see prices targeting around $13.
Following this surge, a period of consolidation might occur before another potential rally toward the $27-$33 range. To validate this bullish scenario, the analyst says he is watching XRP’s retest of the 21 EMA on the monthly timeframe.
A successful bounce from this level would indicate a strong continuation pattern. However, he cautions that XRP must not close below $1.64 on any timeframe for this bullish setup to remain intact.
Addressing concerns about XRP’s market cap, Egrag dismisses traditional calculations as flawed when applied to utility driven assets. He argues that real world adoption and utility are critical in XRP’s valuation. While the projections remain speculative, he believes historical trends and Fibonacci based analysis support the likelihood of a rally in the near future.
