Ripple (XRP) price shot up last week, ending its two-week consolidation. This move pushed the token closer to kickstarting a bull rally. XRP price analysis using the Fibonacci tool reveals a triple-digit target of $150. Is such a massive rally possible?
Fibonacci Analysis Predicts XRP Price Target of $150
XRP price action between early 2014 and April 2017 created a range, extending from $0.0289 to $0.0618. Using Fibonacci tools to this range reveals that the ATH of the cycle was formed at $3.317, between the 272.2% and 241.4% Fibonacci extension levels.
The second half of 2024 also created a range tightening that led to a massive parabolic rally. This new-formed range is similar to what elapsed between 2014 and 2017 and extends from $0.114 to $2.905. Using the Fibonacci tool reveals that the 272.2% and 241.4% Fibonacci extension levels are formed at $178 and $282.
While a triple-digit territory for Ripple price seems unlikely, let’s take a look at some of the massive fundamental developments noted by the company in the 2024.
Ripple’s Fundamental Developments Boost XRP’s Value
Ripple’s recent developments have been significant. One notable development is the launch of RLUSD on December 17. RLUSD is a stablecoin pegged to the US dollar, and its launch is expected to establish Ripple’s presence in the digital payments space.
Additionally, Ripple’s CEO, Brad Garlinghouse, expressed optimism about the new congress by calling it the most “pro-crypto congress.” Garlinghouse is also bullish on the company’s growth prospects in the US market, and it has highlighted that 75% of Ripple’s open roles are now US-based. The executive noted that Ripple has signed more US deals in the last six weeks of 2024 than in the previous six months.
On the other end of the spectrum, Ripple’s XRP Ledger has also been in the headlines due to its decentralized exchange, cross-currency payments, and payment channel features. XRPL’s smart contract functionality, enabled by the Hooks amendment, is another significant development that has been witnessed recently.
Can XRP Price Realistically Hit $100?
Coupled with technicals, the fundamentals serve as a tailwind to propel XRP price higher. However, the aforementioned triple-digit target seem extremely farfetched and unlikely despite what Fibonacci analysis suggests. A realistic but ambitious target for XRP price is $20 this cycle as suggested in a previous article.
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