An analyst predicts that XRP is on the brink of a breakout, suggesting that if it maintains a price above $2.34, the price could exceed $2.65 and potentially reach new highs.
Bitcoin reaches a new milestone, Altcoins follow suit
After weeks of anticipation, Bitcoin (BTC) peaked at $112,000 on July 9, marking a new milestone for this cryptocurrency and paving the way for another record-breaking rally. Other major digital assets, including Ethereum (ETH), XRP, and Solana (SOL), also saw significant gains within just 24 hours, rising 6.4%, 4.9%, and 3.7% respectively.
The surge of BTC is largely attributed to the strong performance of spot Bitcoin exchange-traded funds (ETFs), with net inflows now exceeding $14.4 billion. Additionally, companies continuously adding BTC to their treasuries are considered a contributing factor to the bullish trend of the cryptocurrency.
However, some analysts have linked this increase to rising concerns about de-dollarization and the 10% decline to date of the U.S. Dollar Index.
Analyst Predicts XRP Will Experience Strong Breakout
Although these factors are believed to be contributing to Bitcoin's recent positive price movement, pushing the price to new highs, an analyst predicts XRP is also on the verge of a strong breakout. Arthur Azizov, founder and investor at B2 Ventures, argues that if XRP maintains a price above $2.34 for an extended period, it is likely to reach a new all-time high.
“XRP is currently trading near an important level. If the price holds above $2.34 and maintains this level, it is likely to aim for a new high around $2.65,” Azizov said. He noted that this asset has been trading within a range since last December, with prices expected to continue towards the highest point within this range. “A strong directional move could occur when XRP breaks out of this accumulation phase. Since XRP has been accumulating for quite some time, the outlook remains positive. It is likely that the breakout will be upward, aiming for a target in the range of $4–$6.”
The founder of B2 Ventures further asserted that XRP is one of the few digital assets that can "move independently" or not "always be bound to the general trends of other altcoins." This suggests that XRP may "react less or more strongly to general market fluctuations." He added that the past performance of this cryptocurrency, as well as the partnerships that the issuer has announced, are likely to indicate further growth for XRP.
Azizov added: “And we cannot forget that several XRP ETF applications are under review by the SEC, which is also a positive signal for the growth potential of this asset.”