Prominent crypto analyst Mikybull (@MikybullCrypto) recently highlighted a potential bullish trajectory for XRP. Using a monthly chart, the analyst suggested that XRP could reach $8 before a potential cycle top. At the time of his analysis, XRP traded at $3.21, reflecting a significant rebound from previous levels in late 2024.
The chart shared by Mikybull showcases XRP’s movement within a rising channel, with the price nearing resistance levels. The technical indicators suggest a strong bullish momentum, supported by positive market fundamentals.
$XRP might rip through to $8 before a cycle top given the current bullish fundamentals
This is the period you manage your risk, by the way, as it is on resistance. pic.twitter.com/bwRnIUAWSu
— Mikybull 🐂Crypto (@MikybullCrypto) January 22, 2025
Managing Risk at Resistance
Mikybull emphasized the importance of caution, stating, “This is the period you manage your risk, by the way, as it is on resistance.” The current price position near the upper boundary of the channel indicates potential resistance, making it a critical point for traders to evaluate their strategies.
While the potential for further upward movement exists, the possibility of a pullback due to significant resistance cannot be ruled out. The digital asset faces resistance at the $3.47 level, and risk management is essential for those aiming to capitalize on this rally without exposing themselves to significant losses.
A pullback might lead to a significant breakdown, as the support level set by MikyBull is at $0.6956. XRP RSI is also at 85.2, deep into oversold territory indicating that a correction could be imminent.
If the $0.6956 support fails to hold, XRP could see further declines, potentially testing lower levels. Traders should monitor these key indicators closely to anticipate possible price movements.
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Fundamentals Driving XRP
XRP’s bullish momentum is also supported by strong fundamentals, including increased adoption and regulatory clarity. The token has seen growing use cases in cross-border payments and partnerships with financial institutions.
There is also speculation that Ripple’s legal battle with the U.S. Securities and Exchange Commission (SEC) will soon end . These factors and technical patterns, make XRP a focal point for traders and long-term investors.
Potential Target for XRP
According to MikyBull’s analysis, a breakout from here would send XRP skyrocketing to $8. This target is significantly higher than the digital asset’s all-time high of $3.84, and a 149.22% increase from $3.21.
XRP’s potential to reach $8 aligns with current technical and fundamental indicators. However, the resistance level highlighted by Mikybull serves as a reminder of the importance of cautious trading.
Disclaimer: This content is meant to inform and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not represent Times Tabloid’s opinion. Readers are urged to do in-depth research before making any investment decisions. Any action taken by the reader is strictly at their own risk. Times Tabloid is not responsible for any financial losses.
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