While recent news of Ripple’s stablecoin launch did not affect XRP significantly, analysts maintain that XRP’s chart presents solid reasons to remain bullish.
In a commentary shared on X, analyst Alex Clay mentioned that XRP now boasts a strong macro chart. He pointed out that some may have overlooked the fact that XRP recently experienced a significant breakout on the monthly chart above a major resistance zone that had been characterized by heavy supply pressure.
Notably, the XRP breakout occurred above the $2 price point, around which XRP consolidated for a few weeks. This region had previously posed resistance during the last two cycles when XRP struggled to maintain dominance above $2 in 2018 and 2021.
However, Clay’s chart suggests that XRP has overcome this challenge, as the asset has been trading above $2 since December 1, when it reclaimed the region. According to him, this indicates that XRP is now “looking extra bullish.”
He suggested that, with the ongoing pattern, a double-digit price is attainable for XRP in this cycle.
XRP Targets to Expect
In his projected continuation of the XRP bull run, as XRP still remains above $2, currently trading at $2.12, Clay’s first target for the asset is $5.365, which aligns with the 1.618 Fibonacci level. This price will materialize if XRP sees a 251% rally from its current floor price.
Meanwhile, Clay’s second target for XRP is $8.623, corresponding with the 2.618 Fibonacci level. To reach this level, XRP would need to expand by 414%.
However, the analyst is setting his sights even higher, suggesting $10 is possible—a 509% return from current levels.
Aside from Clay, other analysts have also observed breakouts in XRP’s chart, fueling bold price predictions for the asset.
Factors to Boost XRP Price
At press time, XRP is trading at $2.11, having lost all gains made from the initial announcements of Ripple’s RLUSD launch. The news briefly propelled XRP to $2.72, but Bitcoin’s instability in the $100K range has wiped out all the accrued gains.
Previously, some market commentators suggested that XRP was awaiting a major news event to spark a new phase in its bull run. The launch of Ripple’s RLUSD was seen as a potential catalyst, but the announcement failed to trigger the expected price surge.
Now, market participants are looking to the potential termination of Ripple’s multi-year lawsuit, which is expected with the inauguration of the incoming pro-crypto Donald Trump administration. In parallel, XRP proponents are hopeful for the approval of XRP ETFs, as Trump has appointed pro-crypto SEC chairman Paul Atkins.
