Analyst Projects XRP Price Target at $6.28 Following Bullish Setup

Analyst Mikybull suggests that XRP is positioned within a bullish structure, potentially leading to a significant price increase. A three-week chart indicates the end of a corrective phase, with traders focusing on key price levels.

Technical Setup and Key Levels

Mikybull identifies an ABC correction pattern nearing completion.
XRP is around $2.50, just above a long-term support zone.
Key levels: 1.00 Fibonacci at $1.94, 1.272 extension at $3.25, and 1.618 extension at $6.28.
A break past $3.25 may lead to movement toward $6.28.

'Explosive' Setup

The 1.272 level at $3.25 is the first resistance point.
A breakout could trigger momentum traders to push prices toward $6.28.
The setup shows a tight range, hinting at potential quick runs if broken.
Possibility of reaching double digits after a strong breakout.

Chart visualization

Bitcoin’s Recent Strength and Timeline

Bitcoin peaked at $125,725 on Oct. 5 after rebounding from $108,650 on Sept. 25.
Nine-day period saw seven positive days for Bitcoin.
Nathaniel Rothschild predicts new highs for some altcoins, including XRP, around Oct. 26 if Bitcoin's peak holds.

Risks, Sentiment, and Timing

XRP down 14% in the last week, impacting market sentiment.
Technical case based on pattern recognition and Fibonacci analysis rather than new data or adoption news.
Future projections depend on Bitcoin's performance; shifts in crypto flows could affect outcomes.

The outlook highlights targets at $3.25 and $6.28, contingent on maintaining support and confirming a breakout above $3.25 with strong buying pressure.

Featured image from Gemini, chart from TradingView