Analyst Unipcs (aka Bonk Guy) admitted in a tweet that, while he does not currently hold or trade XRP, the chart is simply “hard to be bearish on.”
He highlighted how XRP has broken out of a significant downward trendline and continues to show strength at higher levels.
Notably, the four-hour chart he shared shows the price moving below a descending resistance line after hitting $3.66 in July. Attempts to surpass this resistance failed multiple times until the coin reached a local bottom at $2.69 on September 1.
At press time, XRP is trading at $3.01, with no notable price movement over the past day. Meanwhile, Bitcoin reclaimed the $117,000 mark earlier today, its highest price in the last four weeks. This new milestone could further boost the broader crypto market if bulls maintain control.
XRP Holds Key 50% Fib Level and 50-Day SMA
Separately, analyst Gonzo shared a detailed look at XRP’s setup. He also noted that the coin recently broke above a major trendline and successfully retested the breakout level. Currently, XRP is holding both the 50% Fibonacci retracement level (around $2.94–$3.00) and the 50-day moving average (SMA).
Gonzo suggested that these technical factors indicate underlying strength in XRP’s price structure.
XRP/BTC as the Deciding Factor
In a follow-up update, Gonzo also highlighted XRP’s performance against Bitcoin as an important signal to watch. Notably, the XRP/BTC pair is still trading below a trendline but is holding support at the 50-day moving average.
If XRP/BTC breaks out above its resistance, it would confirm the bullish outlook and trigger a rally for XRP/USD. On the other hand, a rejection at this level could delay any further upward move.
As Unipcs and Gonzo point to bullish setups, sentiment around XRP is warming up. Accordingly, if Bitcoin’s market conditions remain favorable and XRP/BTC breaks resistance, XRP could be among the next altcoins to post a strong move.
What Price to Expect?
While both analysts have remained silent about specific price targets for XRP, other market watchers have been more vocal.
For instance, technical analyst Dark Defender has set his sights on $5.85 as XRP’s next target following a breakout. Analyst EGRAG sees a range of $9 to $27 as attainable.
Meanwhile, those banking on fundamental developments, like Jake Claver, CEO of Digital Ascension Group, predict XRP could surge to $10 to $25 by year-end.
Claver pointed to several catalysts, including the Fed’s rate cuts, XRP ETF approvals, and institutional investment as factors creating a “perfect storm” for a double-digit price rally.
