XRP, aiming for new high of $12...Will it recreate the 65,900% surge myth?

▲ XRP

XRP has once again reached a historical support line that previously led to a 65,900% surge, signaling the beginning of a massive rally towards $12.

Crypto news outlet NewsBTC reported on May 9 (local time), citing market analyst Mikkybull, that XRP has settled on the lower trendline of a multi-year ascending parallel channel that has been in place since its early price formation. Mikkybull described this area as a crucial opportunity allowed only three times in XRP's history, asserting that every time this support line was touched in the past, an explosive rebound occurred without exception. Indeed, in February 2017, XRP, which was priced at $0.005, surged to $3.31 in approximately one year after touching this line, recording an astonishing increase of over 65,900%.

The second historical rebound occurred in November 2024, when the enthusiasm for the election of US President Donald Trump was high. At that time, XRP, which had fallen to around $0.5, vertically surged by about 500% to $3.4 in just three months, demonstrating its market potential. Currently, XRP has dropped to around $1.38 amid a general market downturn, with Bitcoin (BTC) undergoing a correction to the $79,700 level. However, Mikkybull diagnosed that this decline, on the contrary, formed a technical buying opportunity coinciding with the bottom of the ascending channel.

According to Mikkybull's channel analysis, if XRP successfully rebounds from the current level, there is a high probability it will rise to $12, which is the midpoint of the channel. This figure far exceeds its all-time high of $3.6 recorded in January 2025, implying an additional profit of approximately 760% compared to the current price. For the rally to fully materialize, it must first break through the descending trendline that has suppressed the price ceiling since January. Mikkybull predicted that breaking this resistance line would be the trigger for significant upward volatility.

Another analyst, Myles G, also lent support to XRP's bullish scenario. Myles G analyzed that XRP has formed a symmetrical triangle pattern over the past few months, reaching the end of its convergence, and is now ready to enter a powerful launch phase. On May 7, XRP recorded its largest daily drop in about three weeks, at 2.5%, but this decline rather served as a catalyst for contacting the lower trendline, accumulating energy for a technical rebound.

XRP has prepared a springboard for a new all-time high above its historical support line, and the bullish signals presented by both analysts are consistent. Even amidst corrections in major assets like Bitcoin, XRP's technical resilience is considered a key variable to regain leadership in the altcoin market. If the journey towards $12 begins, XRP is expected to once again recreate the profitability myth of the virtual asset market.

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