XRP May Soar to $12 as Price Holds Cycle Bottom Zone for Months

XRP is currently testing a significant long-term support level on its monthly chart, a zone that has historically preceded major price rebounds. Analysts like MikybullCrypto suggest that XRP is in a rising channel and near its lower trendline, a historical launchpad for upside moves. This analyst predicts XRP could reach $12, aligning with the channel's midpoint, supported by momentum indicators like the RSI cooling towards a historical support area. Another analyst, JD, also points to this RSI zone as a potential "cycle bottom" signal, with charts indicating a breakout from a multi-year triangle and a pullback to the breakout area, projecting a target range of $8-$14.

The bullish outlook is bolstered by XRP's recent 30% rebound from February lows, attributed to renewed risk sentiment and market-specific fundamentals. These include Rakuten Wallet's XRP integration in Japan and substantial inflows into US spot XRP ETFs, which saw their strongest monthly total in April and continued strong performance in early May. However, the bullish scenario is not guaranteed, as bears could push the price below the channel support. Such a move would invalidate the bullish structure and risk a significant drop, potentially towards the 100-month EMA near $0.93, reminiscent of the 2022 bear market.

(Source：Cointelegraph)