XRP Surge is captivating the crypto community as analysts predict a significant price rise. With a potential 220% increase, XRP could reach an impressive $9.5. This optimistic forecast follows a breakout pattern observed in the market, bolstered by growing institutional interest after Ripple’s legal clarity.
Trading at $2.95, XRP experienced a 2.5% dip in the last 24 hours while maintaining strong institutional activity. Recently, the token’s price surged beyond $3.00, driven by Federal Reserve Chair Jerome Powell’s remarks at the Jackson Hole conference, which suggested potential rate cuts in September.
Breakout Pattern Signals Massive XRP Surge
Crypto analyst Javon Marks has identified a recurring breakout pattern in XRP’s long-term chart. Historically, XRP has formed large symmetrical triangles before significant price increases. According to Marks, this pattern suggests a potential rise of over 200%, targeting $9.63, similar to the token’s performance in 2017.
Fibonacci extension levels support these predictions, with the 1.618 extension marking $9.63 and the 2.618 extension projecting an ambitious $123 in the long term. XRP has already surpassed the critical breakout level of $2, reaching a recent high of $3.60.
Institutional Interest Boosts XRP Price
Ripple’s recent court victory against the US Securities and Exchange Commission has been a catalyst for increased institutional interest in XRP. This legal clarity has provided investors with a clearer understanding of the asset’s classification, leading to heightened inflows.
Analysts suggest that if XRP maintains its position above near-term resistance, it could advance towards price levels between $5 and $9. Marks’ chart indicates potential stabilization above $2 before the next major surge.
Broader Market Perspectives on XRP
The bullish outlook extends beyond Marks. CryptoBull has identified $25 as a logical target for XRP in this bull run. Another analyst, Crypto Feras, notes that despite being 9% below its 2018 peak, XRP’s market capitalization is currently 41% higher, indicating potential for substantial gains.
During the 2021 bull market, XRP lagged as Bitcoin reached $69,000, but current conditions, including strong institutional flows and favorable macroeconomic factors, are supporting positive sentiment around XRP.
As the crypto market continues to evolve, XRP appears poised for a major surge, drawing attention from investors and analysts alike. With a combination of technical patterns and institutional backing, the XRP Surge could be one of the most significant events in the current crypto cycle.
