Crypto analyst Guy declared that it is ‘make or break’ time for XRP, with the altcoin set to break out from its current range. The analyst predicted that the altcoin could rally to the upside, with a new all-time high (ATH) of $5.30 in sight.
XRP Eyes Rally To $5.30 With Imminent Breakout
In an X post, Guy predicted that XRP could rally to as high as $5.30. This came as he noted that the altcoin was on its way to test the top of the range again. Based on this, the analyst remarked that it is make-or-break time for XRP. He also indicated that the current setup was perfect for a potential rally to the upside.
Guy stated that the extension target for XRP now sits around $2.55, depending on when the altcoin reaches this range. Meanwhile, he claimed a break above the $2.55 price level would confirm the start of a new uptrend. Once that happens, the next targets would be the current ATH of $3.84 and the Fibonacci extension at $5.30.
The $2.33 could be the key to kickstarting this uptrend for XRP. In a subsequent X post, Guy stated that this level is kind of important. He explained that it marks a clear range top, which, if XRP breaks, it should rally to at least $2.55. A rally to this $2.55 would bring the altcoin to a local high, which it achieved in May earlier this year.
Back then, XRP rallied to as high as $2.6 as the Bitcoin price reached a new ATH. However, the altcoin’s yearly high is the $3.2 level, which it reached at the start of the year. That brought it close to its current all-time high.
Momentum Is Building For The Altcoin
In an X post, crypto analyst CasiTrades declared that XRP’s momentum is building and that the breakout is close. She claimed that the current price structure is developing with classic bullish continuation signals. The analyst further noted that the altcoin has seen multiple higher lows, followed by a reclaim of the $2.25, which is also the apex of the multi-month consolidation.
CasiTrades stated that the apex reclaim, after a textbook fakeout, is the kind of technical signal that confirms that sentiment has flipped and accumulation has completed. She noted that XRP is now sitting just below the local resistance of $2.30. Once this level breaks, the analyst remarked that the next targets are likely $2.69 and $.04, which are both major Fibonacci levels.
At the time of writing, the XRP price is trading at around $2.26, up in the last 24 hours, according to data from CoinMarketCap.
Featured image from Getty Images, chart from Tradingview.com
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