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XRP Price Targets $10 Following Another Crucial Breakout
The XRP price is targeting a rally to as high as $10, following another crucial breakout for the crypto. Analyst Javon Marks provided insights into XRP’s current price action and why it could record this parabolic rally.
XRP Price Targets $10 Following Crucial Breakout
In an X post, crypto analyst Javon Marks indicated that the XRP price is targeting a rally to $10 following a crucial breakout. According to Marks, XRP’s 9-hour chart looks to have displayed another breakout. He added that this could spark a continuation towards the $10 levels.
The analyst’s accompanying chart showed that XRP was breaking out of a bull pennant at the $3.18 resistance level. The chart also showed that XRP witnessed a significant rally the last time it broke out from this bull pennant towards the end of last year.
Based on technical analysis, XRP looks to boast a very bullish outlook, which could spark massive rallies for the crypto. Analyst Mikybull Crypto recently predicted that Ripple’s native coin could record a price surge to $8. He explained that this could happen because of the current bullish fundamentals.
In a more recent X post, the analyst reaffirmed his bullish stance for XRP. He shared an accompanying chart that showed that the coin was ready for a massive move to the upside.
Analyzing The XRP/BTC Chart
Crypto analyst Egrag Crypto provided an in-depth XRP price chart analysis against its Bitcoin pair. While analyzing the weekly chart, he noted that Ripple’s native crypto is less than three days away from the weekly close. The analyst remarked that a full-body candle close above the blue line he highlighted on the chart could lead to a parabolic rally for XRP.
He went on to analyze the 3-day chart, noting that all three previous body candles closed above the blue line, indicating strong bullish momentum. He added that the XRP price is also recording long-legged candles, which typically suggest bullish sentiment in the market. These long-legged candles are said to signify that the bulls are scooping up opportunities and winning the struggle against the bears.
On the 12-hour time frame, Egrag Crypto stated that XRP is forming a descending channel against the Bitcoin price, which he noted is typically bullish. The analyst added that a breakout is likely, with the odds favoring an upward movement.
In line with this, the analyst highlighted XRP price breakout scenarios. In the case of an upside breakout, he remarked that a move above the upper trendline could lead to significant gains. An upside breakout looks more likely as Egrag Crypto noted that approximately 70% of the time, descending channels break to the upside.
Meanwhile, in the case of a downside breakout, the analyst warned that XRP falling below the lower trendline may trigger a downward trend. He told market participants to watch for increased trading volume, often accompanying breakouts. According to him, around 30% of the time, the price breaks to the downside in such cases.
What To Watch Next For Ripple’s Native Crypto
In an X post, crypto analyst CasiTrades highlighted the next levels to watch for the XRP price. She mentioned the $3.24 price level, noting that this critical .118 level failed to hold, and it’s an important price to reclaim.
The second price she highlighted is $3.32, noting that the top trendline would likely be resistance over the weekend. To confirm the move to the wave 5 target at $3.80, CasiTrades stated that the XRP price needs a clean break above $3.32 with strong momentum to flip this level into support.
In the meantime, XRP continues to consolidate within the triangle she highlighted on her chart. The crypto analyst remarked that the crypto is respecting the triangle consolidation pattern and is holding firm.
Boluwatife Adeyemi
Boluwatife Adeyemi is a well-experienced crypto news writer and editor who has covered topics that cut across DeFi, NFTs, smart contracts, and blockchain interoperability, among others. Boluwatife has a knack for simplifying the most technical concepts and making it easy for crypto newbies to understand. Away from writing, He is an avid basketball lover and a part-time degen.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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