Market analyst Mikybull has shared a promising outlook for XRP, describing the current market setup as “explosive” and primed for a major breakout.
In a tweet on Wednesday, he highlighted a 3-week XRP chart analysis showing XRP consolidating within a powerful bullish structure, with potential targets far above current price levels.
Notably, this observation comes at a time of low sentiment toward XRP, with the price dipping by 14% over the last seven days. While this performance has been painful for holders, Mikybull expects the emergence of green days soon.
XRP Correction Nearing Completion
The chart highlights an ABC corrective pattern that appears to be nearing its end. XRP’s recent price movement has hovered around the $2.50 range. It is resting just above the long-term moving average. This zone has historically acted as strong support for XRP.
The formation suggests the asset may be preparing for its next impulsive leg upward once the consolidation phase concludes.
Next Targets According to Key Fibonacci Levels
Mikybull’s chart outlines critical Fibonacci levels, with the 1.00 level equivalent to the $1.94 price (its 2021 peak) serving as a key base. On the upside, the $3.25 price (the 1.272 Fibonacci extension) stands as the major resistance level to watch.
A breakout above $3.25 could set XRP on course toward the 1.618 Fibonacci extension at approximately $6.28. This would mark a new all-time high for XRP.
Mikybull suggests this incoming surge will be “explosive,” given how tightly XRP’s price has been moving within a narrow range. After months of sideways trading and testing the same resistance level, it is getting ready for a strong breakout.
In the past, similar setups have led to fast price moves once resistance is broken, aligning with Mikybull’s prediction. His chart implies that he even sees XRP progressing beyond the $6.28 level to potentially make an attempt at the double-digit price range.
Other Analysts’ Views
Notably, in recent weeks, more analysts are calling for XRP’s next upward move even as the broader market remains bearish.
In an earlier analysis, Charting Guy highlighted XRP holding above strong support as a structurally bullish setup. With this, he dismissed bearish views about the coin. He also calls for XRP to target prices of $8, $13, and $26 in the next pump.
Interestingly, other market commentators like Alex Cobb have leveraged Charting Guy’s analysis to call for an XRP price surge that could shake Bitcoin’s dominance and make BTC holders nervous.
While XRP is currently far behind Bitcoin, Cobb argues it could challenge BTC’s top spot if it rises dramatically. In particular, XRP would need roughly a 1,400% increase to about $38 to overtake Bitcoin, assuming Bitcoin’s price stays the same. However, this scenario remains speculative.
DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
