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Cryptocurrency analyst Matt Hughes recently pointed out a significant development in XRP price action, suggesting that the price could surge 3x anytime soon.
In a tweet on Wednesday, Hughes highlighted XRP’s resilience amid the ongoing bear market. According to him, XRP remains one of the few coins that has yet to touch the daily Ichimoku cloud.
The development confirms the strength of the asset as it maintains a steady position above key support levels.
XRP Resilient Amid Slump, Ready for $9 Rally
During Wednesday’s bear market storm, XRP dropped to $2.20. Considering its January high of $2,504, the drop represents a loss of 11.6%.
Meanwhile, during the same time period, Ethereum lost 14.2% of its value, Solana dropped by 15.25%, and leading cryptocurrencies like Dogecoin fell by 18% from $0.398 to $0.3268.
Hughes interpreted the XRP price drop as an incredibly bullish signal, suggesting that the coin was ready for a major rally. He expected XRP to break through the Ichimoku cloud to retest some of its December lows, but that didn’t happen.
Essentially, XRP’s ability to stay above the cloud is now seen as a sign of strong bullish momentum.
In the accompanying chart, XRP’s price of $2.31 (at the time of analysis) looks a far cry from testing the Ichimoku cloud – a scenario that many traders expect during corrections. Interestingly, XRP is even holding this value at the time of writing.
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Now, XRP is showing stronger resilience than Bitcoin. In particular, Bitcoin is trading down 2.6% at $93,500 at press time, while XRP is trading at $2.32, down just 0.54%.
Hughes interprets this as a sign of rising market confidence. Accordingly, he boldly stated that XRP could be ready to surge to $9 in the near term. Notably, reaching $9 would represent a massive 288% price growth from current levels.
Similar bold predictions from a veteran analyst
This price prediction is closely aligned with suggestions from Peter Brandt, a veteran market analyst. In a recent update, Brandt claimed that XRP could reach a market cap of $500 billion, driven by the formation of a “half-mast flag” pattern on the weekly chart.
This consolidation comes after a major rally in December 2024, when XRP peaked at $165 billion.
Brandt believes that if the flag pattern is completed, XRP’s market cap could triple from its current level, pushing its price to $8.74 per token. However, he warns that the pattern needs to be broken within six weeks to maintain its bullish potential.
Disclaimer: This content is for informational purposes only and should not be considered as financial advice. The opinions expressed in this article may include the personal opinions of the author and do not reflect the opinion of The Crypto Basic. Readers are encouraged to conduct thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
