An analyst predicts that XRP is on the verge of a major breakout, suggesting that if it maintains a price above $2.34, it could breach the $2.65 mark and potentially hit a new high.
Bitcoin Hits New Milestone, Altcoins Follow Suit
After weeks of anticipation, bitcoin (BTC) peaked at $112,000 on Juy 9, marking a new milestone for the crypto asset and setting it on course for another record-setting rally. Other major digital assets, including ethereum ( ETH), XRP, and solana ( SOL), also saw significant gains in just 24 hours, growing by 6.4%, 4.9%, and 3.7% respectively.
The BTC surge has been largely attributed to the strong performance of spot bitcoin exchange-traded funds (ETFs), with net inflows now exceeding $14.4 billion. Additionally, the steady increase in companies adding BTC to their respective treasuries is seen as a contributing factor to the cryptocurrency’s uptrend.
Some analysts, however, have linked the surge to growing concerns about de-dollarization and a reported 10% year-to-date decline in the U.S. Dollar Index.
Analyst Predicts Major Breakout for XRP
While these factors are thought to be contributing to bitcoin’s recent positive price action, pushing it to new highs, one analyst predicts XRP is also on the cusp of a major breakout. Arthur Azizov, founder and investor at B2 Ventures, argues that if XRP maintains a price above $2.34 for sustained periods, it could potentially hit a new all-time high.
“ XRP is currently trading near a key level. If the price manages to hold above $2.34 and stays above this mark, it is likely to move towards a new high around $2.65,” Azizov said. He noted that the asset has been in a trading range since December of last year, with the price expected to continue moving toward the highest level within this range. “A strong directional move is likely once XRP breaks out of this consolidation. Since XRP has been in accumulation for quite a long time, the outlook remains positive. Most likely, the breakout will be to the upside, with targets in the $4–6 range.”
The B2 Ventures founder further asserted that XRP is one of the few digital assets that can “move independently” or is not “always tied to the broader trends of other altcoins.” This suggests XRP can “react either less or more strongly to overall market movements.” He added that the crypto asset’s past performance, as well as the partnerships its issuer has announced potentially point further growth for XRP.
“And we can’t forget that several applications for an XRP ETF are under review by the SEC, which is also a positive signal for the potential growth of this asset,” Azizov added.