Cryptobilbuwoo, a renowned market analyst, is optimistic about XRP’s potential despite recent price declines.
The analyst has identified multiple price targets for XRP, with the highest being $50 using Fibonacci analysis.
The coin experienced a significant increase on March 11, reaching $0.7442, but faced resistance at $0.74, resulting in a retracement.
A well-known market analyst and chartist, known as Cryptobilbuwoo, has expressed a positive outlook on XRP’s potential, despite the cryptocurrency’s recent price decline.
The analyst has identified multiple price targets for XRP using various chart patterns, with the highest Fibonacci target being $50.
On March 11, XRP experienced a significant increase, reaching a new yearly high of $0.7442 and closing the day with an 18.84% gain. However, the token faced resistance at the $0.74 level, resulting in a substantial retracement, and a 4.88% decline the following day. The correction has persisted, with XRP currently trading 8.4% below the $0.7442 high.
Cryptobilbuwoo believes that XRP’s current underperformance is a temporary phase and expects a price uptrend in the future. The analyst has used three patterns on the weekly chart to determine a series of ambitious price targets for XRP when the uptrend commences.
XRP Cup and Handle Pattern Points to $31
The cup and handle pattern, a bullish formation, is the most apparent setup on the chart. According to the analyst’s chart, XRP formed the cup during its decline from the all-time high of $3.3498 in January 2018 to the bottom price of $0.1165 in March 2020, then a recovery to $1.9659 in April 2021.
The asset formed the handle during the consolidation period observed since the decline from the April 2021 high. According to this pattern, Cryptobilbuwoo anticipates XRP reaching a $31 target, representing a 4,449% increase from its current price.
In addition to the cup and handle pattern, Cryptobilbuwoo also applied an Elliott Wave structure, which generally consists of five waves, to their analysis. According to the analyst’s interpretation, XRP is currently trading within Wave 3, which, if the analysis proves accurate, would conclude with a significant price increase to the Fibonacci range of 3.618 to 4.236 times the length of Wave 1.
This Fibonacci range corresponds to a price target between $21.54 (Fib. 3.618) and $45.04 (Fib. 4.236). For XRP to reach the $21.54 price level, it would need to increase by 3,061%, while a more substantial 6,509% surge would be necessary to achieve the $45.04 price.
Despite these ambitious targets, Cryptobilbuwoo sees even higher goals for XRP. The analyst’s final pattern is the long-term pivotal Fibonacci zone of 1.618, which aligns with the XRP price range of $26.6 to $33, with an ultimate overshooting target of $50.