XRP traded at $2.95 at press time with a daily turnover of $6.4 billion. The token slipped 2.5% in the past 24 hours and fell 1% over the last seven days. Despite the dip, trading activity among institutions has stayed strong after weeks of range-bound movement.
Before yesterday’s retracement, XRP had jumped beyond $3.00 and up to $3.10 alongisde the rest of the market. The move came as Federal Reserve Chair Jerome Powell delivered dovish remarks at the Jackson Hole conference. His comments strengthened expectations of September rate cuts, which encouraged flows into risk assets such as digital currencies.
Crypto analyst Javon Marks pointed to XRP’s long-term chart, noting that the asset has repeatedly formed large symmetrical triangles before breaking out. “Another >200% increase to $9.63+” could be next, he said, citing the strong similarity to XRP’s cycle in 2017, when the token rallied sharply after years of consolidation.
https://twitter.com/JavonTM1/status/1959670054888313307?ref_src=twsrc%5Etfw” data-wpel-link=”external” target=”_blank” rel=”nofollow noopener
Marks highlighted Fibonacci extension levels as markers for possible targets. The 1.618 extension stands at $9.63, while the 2.618 extension stretches above $123 as a longer-term projection.
Remarkably, the breakout level was drawn at $2, and XRP has already moved well past that level, trading as high as $3.60 during the recent run.
Ripple’s court win in its case against the US Securities and Exchange Commission has helped XRP attract institutional interest. The ruling offered a clearer view of how the asset may be classified, and investors responded with increased inflows.
Analysts believe that if XRP holds above near-term resistance, it could push toward price zones between $5 and $9. Marks’ chart shows consolidation zones after each breakout, suggesting that the asset may stabilize above $2 before attempting a larger run.
Other market watchers are equally bullish. CryptoBull described $25 as “the most logical price target for XRP this bull run.”
Another analyst, Crypto Feras, noted that while XRP remains about 9% below its 2018 peak, its market capitalization is now 41% higher. The commentator argued that although the token supply has grown, the asset could still deliver strong gains in this cycle.
Feras also reminded traders that XRP lagged during the 2021 bull market, when Bitcoin surged to $69,000 but Ripple’s token failed to revisit its prior highs. Even so, current sentiment is supported by stronger institutional flows and improving macroeconomic conditions.
The post XRP Rally Ahead? Analyst Predicts 220% Surge to $9.5 and Beyond appeared first on BitcoinLinux.
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