While the recent news of Ripple’s stablecoin launch did not have a significant impact on XRP, analysts believe that the XRP chart offers good reasons to remain bullish.
In a comment shared on X, analyst Alex Clay said mentioned that XRP now has a strong macro chart. He noted that some may have missed the fact that XRP recently saw a significant breakout on the monthly chart above a major resistance zone marked by strong supply pressure.
What is noteworthy is that the XRP breakout occurred above the $2 price level, around which XRP consolidated for a few weeks. This region had already shown resistance in the last two cycles as XRP struggled to maintain its dominance above $2 in 2018 and 2021.
However, Clay’s chart suggests that XRP has overcome this challenge, as the asset has traded above $2 since December 1, when it reclaimed the region. According to him, this suggests that XRP now “looks even more bullish.”
He suggested that a double-digit price for XRP is achievable given the ongoing pattern in this cycle.
Expected XRP Targets
In his predicted continuation of the XRP bull run, Clay’s first target for the asset is $5.365, which is the 1.618 Fibonacci level, as XRP still remains above $2 and is currently trading at $2.12 becomes. This price will occur when XRP experiences a 251% increase from its current minimum price.
Meanwhile, Clay’s second target for XRP is $8,623, which corresponds to the 2.618 Fibonacci level. To reach this level, XRP would need to grow by 414%.
However, the analyst is aiming even higher and thinks $10 is possible – a return of 509% from current levels.
Aside from Clay, others…
