- XRP’s ideal target in the current bull cycle is $11.61.
- The altcoin needs to break above $5.92 to trigger more rallies.
- XRP could rally to $21.5 and beyond if the bullish momentum continues.
A crypto analyst has laid out a bullish roadmap for XRP, setting an “ideal” price target of $11.61 for the current bull cycle. His analysis, posted on X, uses a unique approach, focusing on key Fibonacci levels on the XRP market dominance monthly chart.
XRP Market Dominance is a crucial indicator
According to the analyst, the XRP market dominance indicator will be a crucial technical analysis tool for the cryptocurrency in the current bull cycle. He highlighted the key Fibonacci levels from within the chart that correspond to major price targets for the token itself.
The first major hurdle, he believes, is the 0.5 Fibonacci level, which corresponds to a price of $5.92. Breaking that key pivot point, he argues, opens the door to the next major target at the 0.618 Fib level, or $8.87.
Despite that resistance, the analyst does not believe the $8.87 level is strong enough to stop a major rally. He suggested that the cryptocurrency will climb above that price and head for the more significant $11.61 target, which he considers the ideal peak for the current altcoin season.
Will XRP outperform itself and prove analysts wrong?
The analyst also laid out a more explosive scenario. He noted the possibility that XRP could breach the 0.702 Fibonacci resistance at $11.61 and continue climbing.
Another Bull Signal? The dominance chart isn’t the only thing looking bullish. Here’s our report on a rare on-chain signal that also flashed for XRP earlier today.
According to him, a move beyond that level would open the way for the 0.888 Fibonacci level, which lines up with a $21.50 XRP price target. He considers that a critical level, above which XRP’s price could “go ballistic.”
This entire bullish analysis is made possible by a strong fundamental tailwind. At the time of writing, XRP was trading at $3.34, with momentum fueled by the recent news that Ripple and the SEC have officially ended their long-running legal battle.
The legal tailwind. All of this was possible from Ripple’s legal win and since then, how the SEC gave Ripple another green light.
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