XRP Enters Decisive Zone Again, Which Triggered a 65,900% Rally...Will a $12 Surge Happen?

▲ XRP/ChatGPT generated image

An analysis suggests that XRP has re-entered a key price zone that previously triggered strong rebounds. Given that sharp surges followed after confirming the same zone twice in the past, market analysts believe XRP could attempt a major rebound this time as well.

According to The Crypto Basic, a cryptocurrency specialized media outlet, on May 8 (local time), market analyst Mikkybull analyzed that XRP is located at the lower trendline of a long-term ascending parallel channel. He pointed out that this zone has repeatedly appeared as a critical point in XRP's history before explosive upward movements.

As the overall cryptocurrency market recently underwent a correction, XRP could not avoid weakness. XRP fell from its high of $1.4567, giving up the $1.40 level. The daily decline on May 7 was 2.66%, the largest single-day drop in nearly three weeks.

Despite the short-term decline, Mikkybull believes XRP remains in a significant position. The zone he highlighted is the lower trendline of the ascending parallel channel that has dominated XRP's price movement for a long time. This channel consists of lower, middle, and upper trendlines, with all three rising in parallel.

Past trends were presented as the key basis for this analysis. In the 2017 market cycle, XRP dropped to a low of $0.0050 in February, reconfirming the lower ascending trendline. Subsequently, it surged to $3.31 in January 2018, marking a 65,900% increase in one year.

The second instance was in November 2024. At that time, XRP dropped to around $0.5, reconfirming the same trendline. A rally then followed, pushing it up to $3.4 in January 2025, a 580% jump over three months.

Mikkybull believes that for XRP to repeat its previous upward trend, it must first break through the descending trendline formed within the channel. According to his chart, XRP has been trading below a descending trendline since falling from its all-time high of $3.6 in January. If this breakout occurs, Mikkybull suggests a target price of $12 for XRP. This price represents a 769% increase from the current zone.

Market analyst Myles G also analyzed that XRP has been moving within a symmetrical triangle for several months throughout this year. He stated that XRP is “about to launch,” referring to the possibility of breaking above the triangle. The Crypto Basic reported that this movement could align with Mikkybull's scenario of a rebound based on the lower ascending trendline.

XRP recorded increases of 65,900% and 580% after confirming the key lower trendline twice in the past. The focus of this analysis is less on the $12 target price itself and more on the fact that XRP is attempting to break through a descending trendline in a decisive zone of a long-term ascending channel.

*Disclaimer: This article is for investment reference only, and we are not responsible for any investment losses based on it. The content should be interpreted for informational purposes only.*