XRP is trading close to $2.95, with analysts predicting it will rise 200% to $9.63, citing breakout patterns and institutional inflows.

XRP Price and Market Activity

As of the time of writing, XRP is trading at $2.95 with a daily trading volume of $6.4 billion. The token has dropped 2.5% in the past 24 hours and 1% in the past 7 days. Despite the decline, trading activity among institutional investors remains strong after weeks of range-bound fluctuations.

Before yesterday's pullback, XRP briefly broke through $3.00 and followed other parts of the market to rise to $3.10. This move coincided with Federal Reserve Chairman Jerome Powell's dovish remarks at the Jackson Hole conference. His comments reinforced expectations for a rate cut in September, encouraging funds to flow into risk assets like cryptocurrencies.

Breakout Patterns and Analyst Targets

Cryptocurrency analyst Javon Marks pointed out that XRP's long-term chart shows the asset has formed large symmetrical triangles multiple times before breaking out. He stated that the next step could be 'an increase of over 200%, reaching above $9.63,' and noted that this is very similar to XRP's cycle in 2017 when the token surged after years of consolidation.

Marks emphasized that Fibonacci extension levels mark potential targets. The 1.618 extension level is at $9.63, while the 2.618 extension level is above $123, serving as a long-term forecast.

It is noteworthy that the breakout level is set at $2, while XRP has far exceeded this level, trading as high as $3.60 in recent movements.

Ripple won its lawsuit against the U.S. Securities and Exchange Commission, which helped attract institutional investor interest in XRP. The ruling provided a clearer perspective on the classification of the asset, leading to increased inflows from investors.

Analysts believe that if XRP holds its recent resistance levels, it could break out of the price range between $5 and $9. Marks' chart illustrates the consolidation zones for XRP after each breakout, suggesting that the asset may stabilize above $2 before attempting a larger upward move.

Broader Analyst Perspective

Other market observers are similarly bullish. CryptoBull described $25 as 'the most reasonable target price for XRP in this bull market.'

Another analyst, Crypto Feras, noted that while XRP's price is still about 9% lower than its peak in 2018, its market cap has risen by 41% currently. This commentator believes that despite the increase in token supply, the asset may still achieve strong growth in this cycle.

Feras also reminded traders that XRP underperformed during the 2021 bull market when Bitcoin soared to $69,000, while Ripple failed to return to its previous highs. Nevertheless, current market sentiment is still supported by stronger institutional fund flows and improving macroeconomic conditions.