By Michael Scott
Renowned crypto analyst Steph conveyed a bold outlook for XRP, hinting holders will witness massive returns soon.
The market analyst expressed the bullish view in a technical analysis post on X. The analyst cites the breakout witnessed on the XRP monthly chart as suggesting a further upward trajectory that could see the altcoin attain a new peak at $35 by 2025.
Steph illustrated the recent surge by XRP to reclaim the $2.0 price range. Notably, the price secured a 30% intraday gain. The leap coincided with the XRP price retesting the 2021 peak on Dec. 10. A scrutiny of the monthly chart reveals the level coincides with the neckline of the W formation.
Reaping Life-changing Returns with XRP
Steph cites this pattern to reiterate the conviction that XRP could increase by 1,300% from the current levels, targeting the $30-$35 price range by next year. With XRP trading at $2.40, Steph outlook indicates that the altcoin holders of $1,000 in value would see their investment growth fourteenfold to $14,000. Similarly, those holding XRP valued at $70,000 will become ultimate millionaires.
Nonetheless, the market analyst stressed that though the predictions seem promising, the altcoin holders should exercise caution. As such, they should immediately lock in profits during price uptick rather than risk the wait for the peak to materialize.
In particular, Steph urged the XRP investors to monitor the chart continually and not blindly sit till the $35 price tag. He emphasized the essence of crypto holders taking profits as prices rise.
Steph cautions that no guarantees exist in the perpetual rise in crypto assets. Nonetheless, the probability of XRP charting a new peak at $35 next year seems increasingly likely.
XRP Reverse Downtrend on BTC Charts
In his insights, Steph weighed the XRP price action relative to the Bitcoin (BTC) charts. The analyst offered a bullish outlook regarding XRP/BTC price action.
Despite the downtrend witnessed since 2018, XRP’s recent gains are reversing the trend. He observed that XRP has since last month outperformed Bitcoin to post huge weekly green candles against Bitcoin.
The crypto analyst spotlighted that the XRP is now retesting the critical resistance against the pioneer crypto. The resistance traces back to 2020 and is illustrated by several touchpoints on the weekly timeframe. Such constitutes the most vital resistance to breaking above for this altcoin against BTC.
The daily timeframe shows XRP consolidating the bullish flag pattern against the Bitcoin pair. While it encountered resistance, the bullish flag pattern is evident. The analyst is optimistic that a breakout to a new high is imminent.
Steph views that a breakout could elevate XRP to outperform Bitcoin by 78% to amplify the potential for massive profits for the holders.
Imminent News Catalyst to XRP Surge
Crypto industry commentators led by Vincent van Code harbor bullish sentiment for XRP. In a recent disclosure on X, the software engineer indicated that the daily chart shows XRP forms an ascending triangle. He acknowledges that the XRP may comply with the technical analysis patterns in the absence of news.
Per the analyst’s account, the ascending triangle occurs as the crypto market awaits news, leaving the underlying digital asset to trade sideways. While admitting that daily swings in the 10% – 20% range are common, he is confident the primary move will emerge as the breakout surpasses $2.90.
The XRP arm is early awaiting three primary developments they believe are key towards igniting a spark for upside momentum. The primary factor is the unveiling of Ripple stablecoin RLUSD.
Chief Brad Garlinghouse confirmed the New York Department of Financial Services (NYDFS) greenlight to list RLUSD earlier in the week. He added that RLUSD will be listed on the partner exchanges.
The XRP army awaits the approval of XRP exchange-traded funds (ETFs). Also, the community awaits the settlement of the multilong lawsuit that will likely unfold in 2015.