With bullish momentum swelling around the XRP market, crypto analyst Mr. Xoom has stated what he believes are the only three resistance levels hindering an uptrend.

In a tweet on Monday, Xoom insinuated that XRP needs to topple a few more levels to reach new highs. He stressed that there were just three major resistance levels that XRP needed to break to reach a new all-time high.

Xoom Points to Major Resistance Levels

According to Xoom, XRP’s major antagonistic levels were $0.65, $1.6, and its all-time high at $3.35. A sustained break above any of these levels could easily see XRP’s price surge to new levels.

However, Xoom argued that the aforementioned resistance levels were notable roadblocks, implying there might be small bumps for the altcoin between those levels. He insisted XRP would only face “a real fight” in these levels.

Notably, XRP has struggled to breach the $0.65 resistance for some time now. It has failed to sustainably trade above the price mark despite a short-lived surge to $0.93 in July 2023. The asset made an attempt at the resistance level on Saturday but was pegged back.

Nevertheless, Xoom insinuated that a break above the $0.65 level will see an almost seamless swing to $1.6. At the current market price, XRP will surge over 63% to trade at that level.

Furthermore, if XRP breaks above $1.6, the asset will target another 52% upswing to the $3.35 level, which is its all-time high.

Levels Amid Anticipated Uptrend

Xoom stressed on these levels a few weeks after stating that XRP was looking like a real treat. The crypto analyst featured a chart where XRP looked to be breaking out of a symmetrical triangle. The price pattern has been forming since the 2021 bullish trend.

Analysts have targeted an XRP price explosion when it finally breaks out from the multi-year triangle, with World of Charts speculating a test of its 2021 bull zenith at $1.9761. A surge of this magnitude would entail a 336% uptick from its current market price.

Meanwhile, XRP corrected over 3.5% after the rejection at $0.6 over the weekend, trading at $0.588. The asset is down less than 1% in the past 24 hours amidst a wider market correction.

XRP continues to defend the pivotal support at Fibonacci 1.618 despite the market uncertainty, with the ongoing Wave 5 expected to lead to double digits.

Crypto analyst EGRAG discussed this in a recent analysis of XRP’s price movements over a 3-month timeframe. The market watcher stressed the importance of the support level of Fibonacci (Fib) 1.618, which XRP has successfully maintained despite market volatility. 

Fibonacci Levels Indicating Strong Support

From an accompanying chart, EGRAG showed that the Fibonacci 1.618 support aligns with the $0.4442 price level which is crucial for XRP’s support. The last time XRP retested this level was during the broader market collapse in July. Following the retest, XRP recovered sharply.

However, EGRAG stressed that if XRP fails to maintain this level on the monthly timeframe, the consequences could be detrimental, likely leading to a dramatic price drop. However, the current price action shows that XRP is comfortably holding this level, hinting at potential gains.

Besides the 1.618 support, EGRAG’s chart also highlights additional Fibonacci levels like Fib 1.414 at $0.2347 and Fib 1.236 at $0.1345. Meanwhile, the upward Fibonacci target on the chart, at Fib 2.272 ($3.4), aligns with XRP’s all-time high from January 2018.

XRP Elliott Wave

Beyond Fibonacci levels, a second chart from EGRAG discusses an Elliott Wave structure, outlining the long-term price movements of XRP.  Per the chart, XRP has been completing a series of waves since its inception, with the current positioning indicating the completion of Wave 4 and the early stages of Wave 5.

Looking back, XRP completed the Wave 1 formation when it spiked to a peak of $0.0614 in 2013. However, this surge preceded a sharp decline in XRP’s price, leading to Wave 2. XRP concluded the second wave when it retraced to a bottom price of $0.003 in January 2017.

Meanwhile, Wave 3, the most bullish phase, began when XRP started recovering from the $0.003 floor price. As XRP staged the most impressive comeback in its history, Wave 3 took XRP to its all-time high of $3.4 in January 2018. 

However, XRP entered a correction phase after hitting a roadblock at the all-time high. Since then, the crypto asset has been in a consolidation phase, forming a six-year symmetrical triangle. The drop led to the formation of Wave 4, with XRP bottoming out at $0.114 in January 2020.

XRP Could Target $3.4

The Elliott Wave structure now indicates that XRP is currently trading within Wave 5, which historically tends to be a bullish phase, signaling new price highs. Wave 5 began with the rebound from the $0.114 low. EGRAG noted that this wave would push XRP to double-digit targets but was not specific. 

However, based on the Fibonacci projection, Wave 5 could take XRP to new all-time highs. The chart’s top target at Fib 2.272 ($3.4) suggests that XRP could challenge its previous peak, with potential to surpass it, considering the market conditions during the final bullish wave.

Seasoned analyst Jackis, who has been active in financial markets for a decade, recently issued a stark warning regarding the outlook of XRP. 

In an update shared on X, Jackis argued that XRP could be on the verge of a “violent breakdown.” He cited several technical indicators that suggest trouble for the popular altcoin.

The chart shared in Jackis’s analysis reveals a prolonged distribution phase during which XRP has been trapped in a sideways trading range. Specifically, XRP has been in this pattern for nearly seven years and is nearing a breaking point.

However, market watchers are divided on XRP’s next move. Some argue that this extended period of consolidation implies a violent pump upon a breakout. Meanwhile, Jackis’s analysis suggests a breakdown instead.

Jackis noted that XRP’s current support trendline is “super weak,” having been tested multiple times, which makes it vulnerable. This weakness may indicate that buyers may no longer have the strength to maintain current price levels.

Furthermore, a potential head-and-shoulders pattern observable in the chart further emphasized the bearish outlook for XRP.

“The breakdown will be violent,” warned Jackis. “I highly recommend hedging yourself once this crypto coin crashes.”

This bleak outlook for XRP has drawn significant attention from the crypto community, with some pushing back against his prediction. One X user commented that the potential fallout would be devastating, stating:

“Imagine being stuck holding XRP for years only for it to break down this violently now. That’s scary.”

A Closer Look at Jackis’s Analysis

While the most apparent interpretation of Jackis’s analysis is that he is bearish on XRP, a closer look at the chart suggests he is merely being sarcastic about XRP’s price trajectory.

The graph he shared is actually an inverted historical price chart for XRP. When flipped to the correct orientation, it indicates that the analyst is bullish on XRP.

In particular, he is targeting the $1 price range for XRP in the near future, which is a massive 70% increase from the current price of $0.5895.

Essentially, Jackis’s seemingly sarcastic commentary aims to play into the fantasies of XRP skeptics who see no bullish potential in the token.

Despite widespread skepticism regarding XRP given long-standing underperformance, market analysts are nearly unanimous in predicting a notable breakout in this cycle, even among top critics in the Bitcoin community. 

However, opinions differ on what XRP’s peak price might be. While some are hoping for a price point of $250, others believe that just $2 is a more realistic peak for this cycle.

In a recent appearance on Tony Edward’s The Thinking Crypto podcast, prominent analyst Credible made a compelling case for XRP’s potential to surge to $20-30. 

According to Credible, this bullish forecast for XRP is not irrational, as many critics have argued. He provided the mathematical foundations for why such lofty highs are not only attainable but realistic expectations for XRP.

First, Credible emphasized that XRP has been in an unprecedented seven-year consolidation phase, a development not seen with other crypto assets. “No coin has consolidated as long as XRP has,” he said.

He attributed this outcome to the SEC lawsuit that “came out of the blue” when XRP was trading at local highs in Q4 2020. Since then, XRP has struggled to recover. However, the analyst stressed that consolidation is not a sign of weakness.

He believes XRP is merely creating a solid base for future price growth during this seven-year period. “The longer the consolidation, the bigger the expansion,” the analyst remarked.

Furthermore, Credible noted that based on the current market, Bitcoin is about to make a parabolic move and experience the biggest market rise since 2017. 

As a result, he highlighted that it makes no sense to bet on XRP breaking down, especially as the SEC lawsuit is now behind. Essentially, he stressed that the stage is set for XRP to break out of its prolonged sideways movement.

Realistic XRP Targets Once it Breaks

Regarding XRP’s potential high price from the consolidation, Credible said hitting the old all-time high of $3.84 will be the starting point. He believes an all-time high in the double-digit price range is XRP’s destination, noting a minimum of $10. This price level would require an over 16-fold increase from the current price of $0.5858.

Meanwhile, Credible argued that XRP could realistically see further price pushes to between $20 and $30 this cycle. For context, the upper boundary requires an astonishing growth of 5,021% from XRP’s current level.

Mathematical Reasoning Why $30 XRP is “Realistic”

Credible acknowledged the skepticism surrounding his projections, noting that many people initially dismiss his views as irrational. However, he pointed out a common contradiction: when he asks skeptics if they believe in a $10,000 Ethereum, they usually respond affirmatively. He noted that while critics may highlight the differences in token supply, the key focus should be on market cap.

For context, Credible highlighted that while Ethereum is currently priced at approximately $2,630 and XRP at around $0.5858, their market caps are not as vastly different as the price suggests. Ethereum’s market cap stands at about $317 billion, compared to XRP’s roughly $33 billion—a tenfold difference.

Credible explained that if Ethereum were to reach $10,000, it would correspond to a market cap of $1.2 trillion. He noted that a similar cap for XRP would place it above $20. Accordingly, if one believes Ethereum can hit $10,000, it follows that XRP could realistically exceed $20.

Furthermore, he reminded listeners that XRP had previously surpassed Ethereum in market cap, which occurred in 2018.

Ultimately, the analyst stressed that should XRP break out of its seven-year consolidation phase, reaching $10 becomes very plausible. If Ethereum achieves a market cap of $1.2 trillion, XRP could reach $24, and even at half a trillion, it would still stand at $10.