I am a new seller here. Please I just want to know if it’s rely true that I must earn at least $400 before I would be able to attain a new level/ranking(level 1)
Yes it’s true. Check out the Terms of Service at the bottom of the Fiverr main page for the rules as to how Fiverr works.
and you should maintain 4.8 star rating over the 60 days course for more check the analytics.