Prominent crypto analyst Mikybull (@MikybullCrypto) has unveiled an optimistic outlook for XRP, suggesting it could surge to $8 before hitting a potential cycle top. Using a monthly chart, Mikybull identified a rising channel pattern, with XRP trading at $3.21 at the time of analysis—a significant recovery from its late 2024 lows.
$XRP might rip through to $8 before a cycle top given the current bullish fundamentals
— Mikybull 🐂Crypto (@MikybullCrypto) January 22, 2025
This is the period you manage your risk, by the way, as it is on resistance. pic.twitter.com/bwRnIUAWSu
Rising Channel and Resistance Levels
Mikybull’s analysis highlights XRP’s position near the upper boundary of the rising channel, approaching key resistance levels. The technical indicators, including an RSI reading of 85.2, signal strong bullish momentum but also caution of an overbought market. Resistance at $3.47 presents a critical hurdle, with the possibility of a pullback increasing as XRP approaches this level.
“This is the period you manage your risk,” Mikybull advised, urging traders to be cautious given the asset’s proximity to resistance. A failure to break through could result in a decline toward the support level of $0.6956, a key threshold identified in the chart.
Fundamental Support for XRP
XRP’s bullish trajectory is not solely reliant on technical indicators; the digital asset boasts strong fundamentals. Increased adoption in cross-border payments, strategic partnerships with financial institutions, and growing use cases underpin its upward momentum. Additionally, speculation surrounding the conclusion of Ripple’s legal battle with the U.S. Securities and Exchange Commission (SEC) has further bolstered investor confidence.
Potential for $8 Price Target
According to Mikybull, a successful breakout from the resistance zone could propel XRP to $8, representing a 149.22% gain from its current price of $3.21. This ambitious target also surpasses XRP’s previous all-time high of $3.84, last achieved during the 2017 bull market.
Also Read: XRP Price Under Pressure: Declining Investor Activity Sparks Bearish Outlook
While the outlook is bullish, traders must remain vigilant. Resistance levels and the possibility of a pullback highlight the need for effective risk management. As XRP navigates these critical price levels, it remains a focal point for both short-term traders and long-term investors betting on its sustained growth.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
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