XRP price has broken through a critical resistance level, according to crypto analyst Alex Clay. The digital asset has successfully breached the monthly supply zone, marking a crucial technical milestone that could potentially trigger substantial price appreciation.
Clay’s analysis reveals an intriguing technical setup on XRP’s monthly chart. The breakthrough above the monthly supply zone represents a significant shift in market dynamics, potentially setting the stage for an extended upward movement.
The analyst has outlined several key price targets, with the first significant level at $5.365, followed by $8.623, and ultimately reaching the double-digit threshold at $10.
Historical Pattern Recognition
The current market structure bears striking similarities to previous bull cycles, particularly the formation that preceded major price movements. Clay emphasizes the presence of a strong macro chart pattern, suggesting that XRP’s recent breakout could mirror historical price action patterns that led to substantial gains.
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The timing of this breakout coincides with broader market developments, including notable movements in Bitcoin and other major cryptocurrencies. Clay’s bullish stance is reinforced by the clear breach of the monthly supply zone, which historically served as a significant resistance level.
The analyst’s conviction in XRP’s potential is particularly noteworthy given the current market cycle dynamics.
Based on the technical analysis presented, Clay anticipates XRP could achieve double-digit prices during this market cycle. The progression through the outlined price targets would represent significant milestones in XRP’s price evolution, with each level serving as a potential catalyst for further upward movement.
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