BIG XRP News: Analyst Predicts Jump to $12 if Price Clears this Mark

Key Insights:

XRP price slipped more than 2% today and traded at $2.92 during writing.
Analyst sets a conservative price target at $12 for the Ripple coin.
An ETF expert said that BlackRock might file for a Spot XRP ETF, sparking market optimism.

XRP price has recorded a pullback today, losing around 2%, after soaring past the brief $3 mark recently. This has sparked discussions among market participants about whether Ripple coin can rebound and continue its upward momentum.

Meanwhile, it’s worth noting that the recent plunge in the asset’s value comes amid a broader crypto market selloff. It appears that some investors are taking a pause after the robust rally, while others are booking profits. In addition, traders were also waiting for the US CPI inflation figure, which came in hotter-than-expected in June.

Amid this, a top analyst has showcased his confidence in XRP price, setting a conservative target of $12 for the asset. However, the market pundit has highlighted key resistance that Ripple coin must breach to continue its journey to double-digit numbers.

XRP price has slipped more than 2% today, during writing, but holds the brief $2.9 support, indicating strong confidence of traders. The crypto has touched a 24-hour high of $3.02 and a low of $2.81.

The latest pullback appears to be due to the broader crypto market retreat. Notably, Bitcoin price has slipped more than 3% to $117,700, while the global crypto market cap fell 2.3% to $3.72 trillion.

Meanwhile, despite the setback, Ripple coin has added more than 27% over the last seven days, extending its monthly gains to over 34%. However, derivatives data reflect the gloomy sentiment in the market. XRP Futures Open Interest fell around 5% to $8 billion at press time.

However, as XRP price soared past the $3 mark, speculations are soaring over a new all-time high for the asset in the near future. While many expect short-term volatility due to macroeconomic factors and other market trends, the experts have remained bullish on the long-term trajectory of the coin.

Analysts Set Bold Target for Ripple Coin

Despite the recent setback in XRP price, analysts have cited it as a healthy movement. For context, the pullbacks often allow more investors to enter the market at a lower price. This, in turn, helps in a strong recovery for the assets.

According to market expert EGRAG CRYPTO, Ripple coin is gearing up for a robust rally. In a recent analysis shared on X, the expert has shared a price chart that suggests XRP could reach $3.65. He has highlighted the mark as a crucial level for further growth.

The analyst’s chart analysis indicates that XRP has bounced from the 9 SMA on the monthly timeframe and has broken out of a bullish pennant pattern. This, according to EGRAG CRYPTO, is a highly bullish sign. Once XRP closes above $3.65 with confirmation, it could trigger a significant price surge.

XRP Price Analysis | Source: EGRAG CRYPTO, X

EGRAG CRYPTO’s measured move analysis suggests two possible scenarios. For the “full pole” measurement, XRP price may rally to $15 or $23. In a “conservative pole” measurement, the price may reach $12 or $16, the analyst noted.

The analyst’s bold prediction has sparked interest among investors, who are eagerly waiting for XRP to break out of its current range.

XRP ETF in Focus as Expert Sets Short-term Bullish Target

The XRP ETF has also gained notable traction from market participants. Recently, the NYSE Arca has approved ProShares Ultra XRP ETF, sparking market enthusiasm.

ProShares Ultra XRP ETF Approval | Source: X

Simultaneously, in a recent X post, ETF expert Nate Geraci has said that BlackRock might file for a Spot XRP ETF. This has further bolstered market confidence.

However, Geraci also said that BlackRock might also file for a Solana ETF. Notably, these development comes as analyst Ali Martinez has shared a short-term XRP price target.

BlackRock XRP ETF | Source: Nate Geraci, X

Martinez has highlighted the $3 mark as a crucial milestone for Ripple coin. In addition, he said that if XRP can maintain the $3 support, the next target will be at $4.8.

The post BIG XRP News: Analyst Predicts Jump to $12 if Price Clears this Mark appeared first on The Coin Republic.

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