Crypto analyst Doctor Magic has set a bullish target for XRP, suggesting that the digital asset could surge to as high as $26.5 in this bull run. This projection is not just a hopeful guess but is rooted in a Fibonacci retracement analysis from XRP’s historical price movements, particularly from its peak in the 2017/2018 bull run.
XRP Price Poised To Skyrocket Above $26 This Bull Run?
Doctor Magic’s chart of XRP against the US dollar stretches from 2014 and projects forward into 2026, incorporating an interpretation of Fibonacci levels calculated from the all-time high near $3.31 achieved during the crypto frenzy of 2017/2018.
The choice of Fibonacci retracement levels by analysts like Doctor Magic is a staple in trading, serving as a cornerstone for identifying potential resistance and support levels. These levels are instrumental in predicting where prices might find a floor during downturns or face resistance on the rise up.
The 0.618 Fibonacci level at $1.00 signifies a strong area of support or resistance, indicating significant market interest. At the 0.786 level, priced at $2.00, it becomes crucial for spotting stronger bullish or bearish reversals. The 1.00 level, at $4.00, marks a full retracement to the base of the prior major price movement, often acting as a psychological marker in trading.
Further up, the 1.272 level at $8.00 and the 1.414 level at $16.00 suggest extended bullish momentum, pointing to more formidable barriers during a powerful market rally. Most notably, the 1.618 level at $26.59 is highlighted as a potential peak for XRP, assuming a massive bullish market trend unfolds for XRP.
Addressing the community and skeptics alike, Doctor Magic explained the rationale behind these specific price targets. “Just read some heated comments below an analyst that predicted an $8-$13 XRP. First of all, we don’t make these targets out of our mind; these are Fibonacci Levels. Secondly, if I’m right and alts do lead the next rally which would confirm a 2017 style run for the whole crypto market, my base case for XRP top is $26.5. #RIPPLE,” he stated.
He also emphasized that his prediction is a conservative scenario within a bullish context, rather than a wild speculation for an exact repeat of 2017’s dramatic surge. “And btw this is not me calling for an exact 2017 pump. If I was doing that I would call for $241. $26.5 is me calling diminishing prices in a 6+ year pattern,” Doctor Magic added.
At press time, XRP price traded at $0.5849.