A top analyst predicts a significant breakout for XRP, projecting potential price targets up to $33 amid bullish technical signals and market momentum.
XRP was among the notable performers of the weekend crypto market rally, which was led by Bitcoin’s attempt at the $65K price point. XRP advanced by over 7%, hitting a daily high of $0.6304, but closed the day slightly lower at $0.6131.
This commendable performance has caught the attention of proponents like analyst Bobby A. In a post on X, the analyst highlighted his optimism about XRP, asserting that XRP is amid an “explosive charge” ready to send its price higher.
XRP Paths to Higher Targets
Bobby A presented a technical analysis chart highlighting his XRP expectations, including potential profit-taking targets. Notably, the chart suggested that XRP is forming a breakout pattern on the monthly timeframe, indicating that XRP may be ready to surge significantly if it breaks above its current resistance levels.
Numerous market observers have repeatedly called attention to this potential XRP breakout on the monthly timeframe. Some have even predicted that the asset could embark on its biggest rally ever as a result.
Bobby A’s first target for XRP is a rally up to $0.8722, which would require a growth of 45% from XRP’s current price of $0.6014.
Moreover, the chart shows that at the $0.8722 price point, XRP would break above a long-term descending trendline, potentially flipping its trend from bearish to bullish.
Once this milestone is achieved, Bobby A expects XRP to aim for the $1 threshold, with specific targets at $1.34 and $1.72.
However, the analysis projects that XRP could face challenges scaling from $1.72 to its previous all-time high of above $3. It identified several resistance levels that XRP must overcome before surpassing the ATH threshold and entering a new phase of price discovery.
Profit-Taking Targets for XRP Traders
Interestingly, the analysis suggests that once the significant resistance at around $3 is broken, XRP could experience a smoother ascent beyond this point.
Specifically, it anticipates XRP quickly advancing to $5.31, outlining price points from this level upwards as potential profit-taking zones for investors looking to realize short-term gains. The profit-taking points range from $5.31 to as high as $13.
For crypto market participants buying XRP today, taking profits at $13 would result in a return on investment of over 20 times the initial investment.
Notably, $13 is not Bobby A’s most ambitious price target for XRP. The chart also highlighted a potential price target of up to $33, which represents a massive 5,387% growth from its current price.
Disclaimer: 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’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
