XRP is currently retracing toward the 0.5-0.618 Fibonacci zone after breaking out of a descending wedge, with analysts targeting $4.67 as the first upside goal due to reduced exchange supply.
XRP broke out of a descending wedge, with $4.67 set as the first upside target.
Price retraces toward the 0.5–0.618 Fibonacci zone, seen as the main accumulation area.
Exchange supply drops to 5.66%, easing sell pressure and supporting long-term bullish momentum.
XRP price analysis reveals a breakout from a descending wedge, targeting $4.67. Discover key Fibonacci levels and market trends today!
What is XRP’s Current Price Trend?
XRP is experiencing a bullish trend after breaking out of a descending wedge pattern. This breakout indicates a potential reversal, with the XRP price now retracing towards crucial Fibonacci levels, specifically the 0.5–0.618 zone, which traders view as a significant accumulation area.
How Does the Fibonacci Retracement Influence XRP?
The Fibonacci retracement levels are critical for traders as they identify potential reversal points. Currently, XRP is consolidating around $3.09, with the 0.5–0.618 Fibonacci zone acting as a key support level. This area is seen as a prime opportunity for long positions, offering favorable conditions for traders looking to capitalize on the bullish momentum.
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The first major price target for XRP after the breakout is set at $4.67, based on technical analysis and measured move strategies.
Reduced exchange supply lowers sell-side pressure, supporting a bullish outlook for XRP and encouraging long-term holding trends.
In summary, XRP’s recent breakout from a descending wedge pattern indicates a bullish trend, with the price retracing toward significant Fibonacci levels. As exchange supply declines, the outlook remains optimistic, positioning XRP for potential growth in the coming weeks.
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Source: https://en.coinotag.com/xrp-eyes-4-67-target-as-price-retraces-to-key-fibonacci-accumulation-zone/