XRP is likely to reach this level even before the current market cycle concludes. The digital currency is expected to break through critical resistance levels as it aligns with an ascending channel, noted MikybullCrypto in their update on the X platform on January 22.
Today, the price is testing a key resistance zone around $3.20, which could determine XRP's next trajectory. A breakthrough above this level is anticipated to pave the way for growth towards the upper bounds of the long-term ascending channel, coinciding with a target of $8.
“XRP could surge sharply to $8 before the cycle concludes, considering the current bullish fundamentals,” said the expert.
Historically, this channel has governed XRP's price fluctuations, and movement towards its upper boundary could become a significant milestone for the asset.
XRP Technical Indicators
From a technical perspective, XRP remains significantly above the 50-month and 200-month moving averages (MA), which continue to rise, reflecting the strength of bullish sentiment.
Additionally, the monthly Relative Strength Index (RSI) has surged above 85, indicating strong buying interest and overbought conditions. Although this may suggest the possibility of short-term consolidation, the underlying momentum remains robust.