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Crypto analyst Matt Hughes recently pointed out a notable development in XRP price action, suggesting the potential for a 3X price rally anytime soon.
In a Wednesday tweet, Hughes highlighted XRP’s resilience amid the ongoing bearish market. According to him, XRP remains one of the few coins that has not even touched the daily Ichimoku Cloud yet.
The development emphasizes the asset’s strength as it maintains a firm position above key support levels.
XRP Resilience Amid Downturn, Ready for $9 Run
During Wednesday’s bearish market storm, XRP’s price crashed to $2.20. Considering its January high of $2.504, the dip represented a loss of 11.6%.
Meanwhile, during the same timeframe, the altcoin king Ethereum lost 14.2% of its value, and Solana dropped by 15.25%. Leading meme coins like Dogecoin fared even worse, plummeting by 18% from $0.398 to $0.3268.
Hughes interpreted XRP’s lower price slump as an incredibly bullish signal, suggesting the coin is ready for a major bounce. He had expected XRP to breach into the Ichimoku Cloud to retest some of its December lows, but that did not happen.
Essentially, XRP’s ability to stay well 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) seems far from testing the Ichimoku Cloud—a scenario many traders would expect during corrections. Interestingly, XRP is even maintaining this value at press time.
Now, XRP is showing stronger resilience than Bitcoin. In particular, Bitcoin is trading with a 2.6% dip at $93,500 at press time, while XRP is at $2.32 with only a 0.54% decline.
Hughes interprets this as a sign of heightened market confidence. Accordingly, he boldly expressed that XRP could be ready for a breakout run to $9 in the near term. Notably, attaining $9 would represent a significant 288% price growth from current levels.
Similar Bold Projection from Veteran Analyst
This price projection aligns closely with the suggestions of Peter Brandt, a veteran market analyst. In a recent update, Brandt argued that XRP could reach a $500 billion market cap, driven by the formation of a “half-mast flag” pattern on its weekly chart.
This consolidation follows a major rally in December 2024, when XRP peaked at a $165 billion market cap.
Brandt believes that if the flag pattern completes, XRP’s market cap could triple from its current level, pushing its price to $8.74 per token. However, he cautions that the pattern needs to break out within six weeks to maintain its bullish potential.