XRP Ready For $150? Analyst Thinks So

From the daily chart, XRP is trending above key reaction levels. Notably, the close above $0.55 (now key support) reversed losses posted in mid-April.

After sinking to lows of $0.40 in early July, XRP has outperformed the leading altcoins, including Solana and Ethereum, with gains of over 60% in the last three weeks.

A closer look at the XRP price chart reveals the coin trending above critical reaction levels. Notably, the close above $0.55 (now key support) reversed losses posted in mid-April. Furthermore, the confirmation of recent gains and the close above $0.62 earlier today signaled more demand, extending gains toward $0.74 and eventually $1.

One analyst on X thinks the coin is preparing for sharp gains in the coming weeks and months. Sharing a price chart, the analyst said XRP is breaking out from the local resistance and the multi-year resistance trend line. From his analysis, the trader said XRP just broke from a “massive, 2,351 days resisting trend.”

The breakout from the bull flag anchored at the swing high, when prices rose to all-time highs of over $3.20, and the swing low, $0.16, when the coin plunged to $0.16 in 2021, is crucial. In the analyst’s estimation, XRP is now preparing for more gains that could propel the coin to $150 for an over “21,000% climb” from spot rates.

One of the key drivers of demand in the coming days and weeks will be the outcome of the ongoing case pitting Ripple and the United States Securities and Exchange Commission (SEC). Despite the partial win in July 2023, the regulator wants Ripple to pay a huge penalty of $2 billion.

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