XRP enters decisive zone that triggered 65,900% rally again... Will it surge to $12?

▲ XRP/ChatGPT generated image

An analysis suggests that XRP has re-entered a key price zone that previously triggered strong rebounds. Given that sharp rallies followed two previous confirmations of this same zone, market analysts believe XRP could attempt another major rebound this time.

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

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

Mikkybull believes that despite the short-term decline, XRP remains in an important position. The zone he focused on is the lower trendline of the ascending parallel channel that has long dominated XRP's price movements. This channel consists of lower, middle, and upper trendlines, with all three trending upwards in parallel.

Past trends were presented as the key basis for this analysis. In the 2017 market cycle, XRP fell 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 fell to around $0.5, reconfirming the same trendline. A rally then followed, pushing it up to $3.4 in January 2025, a 580% jump in three months.

Mikkybull believes that for XRP to repeat its previous upward movement, 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 set 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,” mentioning the possibility of breaking above the triangle’s upper boundary. The Crypto Basic reported that this trend could align with Mikkybull’s rebound scenario based on the lower ascending trendline.

XRP recorded increases of 65,900% and 580% after two previous confirmations of the key lower trendline. 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 its 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.*