Ripple (XRP) price is signaling a potential breakout despite ongoing consolidation. The cryptocurrency remains below the $2.5 support level as the market faces corrections. Analysts egragg highlight the XRP kangaroo phase, predicting a surge between $8.5 and $27. Market volatility has intensified this year, but the Ripple price movement suggests an imminent breakout.
XRP Price Kangaroo Phase: Fibonacci Targets Point to $8.5, $13, and Beyond
Crypto analyst Egrag highlights the Ripple price current market phase as the “Kangaroo Phase,” signaling a period of consolidation before a major price movement. Ripple is holding above a key support level and successfully retested the Bull Market Support Band, reinforcing bullish sentiment.
One critical factor is XRP consolidating above the Fibonacci 0.888 level, aligning with $2.30. Analysts view this as a launchpad for upward movement, with XRP trading above $2.51. The macro consolidation zone between $2.30 and $3.37 remains a crucial range, where price stability is forming.
Egrag identifies a “noise zone” between $2.00 and $3.40, where XRP must break out to initiate a rally. If this phase mirrors historical patterns, the next upward move could target Fibonacci extensions of $8.50 and $13.00, followed by a potential push toward $27.00.
In 2017, XRP followed a similar Fibonacci extension path, surpassing the 1.618 level before making a parabolic surge. If history repeats, the Fibonacci 2.236 extension suggests a price range of $27 to $222. Egrag believes XRP’s current setup aligns with this historical trajectory, positioning it for a significant breakout in the coming phases.
Will XRP Price Recover Soon?
At the time of writing, the price of XRP is at $2.34, reflecting a 5% decline. The Ripple price is facing resistance at $2.50 and $2.70, while support is forming at $2.20. The market remains volatile as XRP struggles to maintain bullish momentum.
The four-hour chart indicates bearish pressure, with XRP trading below key resistance levels. A rejection from $2.50 led to a pullback toward $2.34. If sellers push further, the price could test $2.20. However, a breakout above $2.50 may open the door to $2.70.
The MACD indicator shows weakening bullish momentum. The MACD line is below the signal line, confirming a bearish trend. The Relative Strength Index (RSI) stands at 42 on the 4-hour chart, suggesting that XRP is in the neutral zone.
To sum up, the XRP price remains in a consolidation phase, awaiting a decisive breakout. Analysts highlight Fibonacci targets at $8.50 and beyond, reinforcing expectations for a potential surge in the coming months.
The post XRP Kangaroo Phase: Price Gears Up for $8.5 to $27+ Surge appeared first on CoinGape.
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