Fibonacci support holds, eyes Target $16.50

• XRP’s test of the .618 Fib level suggests significant upside potential.
• A break of the $2.38 resistance could trigger XRP’s next impulsive wave to the upside.
• Historical trends suggest that XRP could make more than 7200% gains, targeting $111-168.

XRP has faced challenges in gaining momentum, but recent developments suggest that the cryptocurrency is now poised for a potential breakout. After testing the critical Fibonacci retracement level of 0.618, XRP remained strong, showing signs of a bullish divergence on the RSI.

This support level likely set the stage for the next move up. The question now is whether XRP can break through the resistance and trigger the long-awaited rally.

Testing the .618 Fibonacci level for support

XRP prices have been sluggish in recent months, with the market waiting for a key support level to hold. The Fibonacci retracement level of 0.618 has now been tested and proven to be key to price stability.

This support level is often considered a strong point where price reversals tend to reverse, making it an important marker for potential bullish moves. Moreover, confirmation of the bullish divergence of the RSI at this level reinforces the likelihood of an uptrend, signaling that XRP is ready for the next phase.

Breakout resistance at $2.38 is critical

Looking ahead, XRP’s next significant hurdle lies at the $2.38 resistance level. A successful break above this level would mark the beginning of subwave 3, a phase that usually shows impulsive strength.

However, until this resistance is removed, XRP technically remains in a consolidation phase (W2/D) and $2.60 is the next major target for wave D. Therefore, traders and investors should watch the price closely for signs of strength or weakness as XRP approaches this key resistance level.

Momentum is building towards a potential target of $16.50+

Historical analysis of previous XRP cycles suggests that the next phase could see significant gains. According to market expert Javon Marks, XRP has the potential to rise to $16.50 or more.

In fact, looking back at past cycles, a similar rally could lead to a whopping 7,200% rally, pushing the price of XRP somewhere between $111 and $168. While these projections are speculative, they highlight the huge upside potential for XRP in the coming months.

Strong indicators support the bullish outlook

Several technical indicators are in line with the bullish sentiment surrounding XRP. The RSI has entered overbought territory, signaling strong momentum but also suggesting caution may be needed.

Additionally, the MACD is in a bullish crossover, with the histogram spreading positively, reinforcing the strength of the uptrend. However, it is important to watch out for short-term pullbacks, as past instances of the RSI breaking above 70 have often led to temporary corrections.