Ripple XRP News—XRP Price Breakout: Analyst Predicts Rally to $60

The price of XRP is in the spotlight as analysts highlight potential breakout levels that could drive the cryptocurrency to new heights.

For those investors wondering what crypto to buy now, here’s everything you need to know about XRP price predictions in the short term.

Crypto analyst Egrag Crypto has outlined a long-term bullish scenario in which XRP could surge to $60, provided it clears key resistance levels. However, bearish risks remain, with the possibility of a pullback to as low as $0.90 under certain conditions.

Key Breakout Levels to Watch

In a recent X post, Egrag Crypto identified several crucial price levels that could shape XRP’s future trajectory. According to the analyst, $3, $6.4, $8, $13, and $27 serve as critical breakout zones, with the ultimate target set between $33 and $60. He emphasized that a monthly close above $3 would be a key validation point for further upside.

XRP eyes a breakout from $3 resistance, with short-term targets at $4-$6 and long-term potential reaching $33-$60. Source: EGRAG CRYPTO via X

Expanding on his Fibonacci-based projections, Egrag Crypto suggested that breaking through the 1.618 Fib level at $6.4 would unlock additional targets at $8, $13, and $27. The analyst’s ambitious outlook aligns with his previous forecast, where he speculated that XRP could reach a market capitalization of $3.4 trillion.

Short-Term Price Outlook

While the long-term outlook remains highly optimistic, Egrag Crypto also provided a more immediate price projection, suggesting that XRP could rally to a range between $4 and $6. Currently, XRP is facing resistance at the $3 mark, a level historically significant as a previous all-time high. If it is able to close above this level on a monthly chart, the next important resistance levels would be between $4.3 and $6.4.

XRP’s parabolic arc formation points to a long-term breakout, with upside targets ranging from $33 to $60. Source: EGRAG CRYPTO via X

Adding further to the bullishness, technical indicators hint at XRP forming a symmetrical triangle pattern, a pattern that typically precedes a large price move. Crypto analyst Ali Martinez noted that the pattern can lead to a 14% upside move but warned that symmetrical triangles allow breakouts in both directions.

Potential Downside Risks

Despite the bullish projections, analysts have also outlined scenarios where XRP could see a significant decline. Egrag Crypto noted that failure to breach $3 could lead to a retracement toward $1.90 or even lower. Should XRP fall below this level, bearish pressure could push the asset toward the $0.90-$1 range. He warned that this fall might be triggered by greater market turbulence, including the potential “Black Swan” event in the cryptocurrency world.

XRP is in the Contraction Phase of its market cycle, with a falling wedge pattern suggesting a potential bearish trend before returning to Accumulation. Source: NathanAL on TradingView

Moreover, recent happenings, like the Bybit hack where $1.4 billion in Ethereum was lost, have heightened market volatility fears. On-chain data has also indicated that a 40-million-XRP transfer between Ripple whale and Bybit amid the exchange’s liquidity issues fueled speculations of potential sell-offs.

Market Sentiment and Future Catalysts

Beyond technical factors, underlying factors might be the way to XRP’s price behavior. Analysts believe that news on regulation, particularly the ending of Ripple’s legal fight against the U.S. Securities and Exchange Commission (SEC), can be a game-changer. There is hope that the case can be thrown out, something that would rid the price of XRP of a major overhang.

Ripple (XRP) was trading at around $2.55, down 1.49% in the last 24 hours at press time. Source: XRP Liquid Index (XRPLX) via Brave New Coin

Furthermore, rumors about an XRP exchange-traded fund (ETF) have added to the bulls’ hopes. If it’s approved, an ETF would significantly boost institutional appetite for XRP, just like it has done for Bitcoin ETFs and the price of BTC.

Watch – XRP Price Analysis Video

Final Thoughts

XRP remains at a critical juncture, with analysts divided between bullish and bearish scenarios. While technical patterns and key breakout levels suggest significant upside potential, risks remain, particularly if the asset fails to hold above crucial support zones. The coming weeks will be crucial in determining whether XRP can break out towards $6 and beyond or face another period of consolidation and retracement. As always, investors should remain cautious and closely monitor market developments before making any trading decisions.