Amid the recent Ripple legal development, attention has turned to XRP’s price trajectory, particularly its ability to exit the current consolidation phase and mount a breakout.
Notably, crypto trading expert Alan Santana has maintained that investors should expect a possible price breakout to a new record high during the next bull market.
In a TradingView post on August 10, Santana pointed out that the cryptocurrency has accumulated since June 2022, setting the stage for a significant upward movement in the upcoming bull market.
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Santana outlined a cyclical pattern in the cryptocurrency market, demonstrating how different years align with specific market phases. According to his analysis, 2024 will be a year of accumulation, paving the way for a bull market in 2025. He emphasized that this cyclical behavior has been observed across various altcoins, not just XRP.
According to his technical analysis, XRP bottomed in June 2022, similar to Ethereum (ETH), signaling strength. Both cryptocurrencies peaked first in 2021 and bottomed first in 2022, compared to Bitcoin (BTC). The period from June 2022 to the present is considered a long consolidation phase for XRP.
In his analysis, Santana noted that altcoins that showed strong performance in 2023/24 might not continue at the same pace in 2024/25. Conversely, subdued altcoins during the same period could become strong performers in the upcoming years. This unpredictability, according to Santana, could work in XRP’s favor.
XRP’s next record high
In determining the next XRP record high price, Santana deployed Fibonacci retracement levels to support his projections. He identified an easy target for XRP at $1.32, with a more ambitious goal of reaching new all-time highs in 2025/26.
According to Santana, the Fibonacci levels point toward $4.6, representing a 700% increase from the current price. However, his calculations give an even higher target of $5.13.
“The Fibs. point toward $4.6 which is around 700% from the current price. My own calculations give $5.13 as a new All-Time High. I don’t know why but I feel that this can be easily broken in the upcoming bull-market,” the expert noted.
The prolonged consolidation phase since June 2022 has bolstered Santana’s confidence in these projections. The lack of lower lows during this period is a significant indicator of strength.
Elsewhere, as reported by Finbold, another analyst, Dark Defender, pointed out that XRP is primed for a possible explosive run in the coming months. The expert shared possible targets to watch, including $0.9327 resistance and $1.88.
On the other hand, the analysis pointed to $0.6649 and $0.3917 as key levels crucial for traders to watch in the event of a pullback.
It’s worth noting that following the long legal battle between Ripple and the Securities and Exchange Commission (SEC), the blockchain firm received relief after a judge ordered it to pay a $125 million civil penalty. Following the ruling, there are indications that XRP will not be reclassified as a security, forming the basis of optimism around the crypto.
XRP price analysis
At the time of reporting, XRP was valued at $0.59, having rallied almost 1% in the last 24 hours. Despite hitting a weekly low of $0.43, the token is up over 3% in the seven-day timeframe.
Although XRP faces bullish sentiments following the legal development, the asset is likely to be swayed by overall market sentiment, with $0.60 remaining the key area to watch.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
