Analyst outlines XRP’s path to $5

Over the last seven days, XRP has broken above the critical $2.50 zone, gaining 21.47% on the weekly chart to trade at $2.59 as of May 14. After trading lower through April and threatening to stabilize well below $2, the third most popular cryptocurrency has now entered a parallel ascending channel promising to take it toward the $3 to $5 zone in the coming months, according to an analysis posted on May 13 to TradingView by Rocksorgate, a chart expert focusing on the XRP token. An ascending parallel channel is a technical analysis (TA) chart pattern that occurs when an asset records a series of higher highs and lows that fall within the bounds set by two sloping lines marking the trend boundaries. It is also known as a rising channel or a channel up. $2.50 remains a critical support zone for the XRP May rally Additionally, the assessment provided by the prolific analyst confirms not only that the levels between $2.48 and $2.50 were critical but also that, per the Fibonacci retracement levels, they remain important for XRP to retain the uptrend. Fibonacci retracement levels are determined by taking two extreme points on a chart and dividing the vertical distance by the key ratios of the sequence. These levels have multiple uses and can define support and resistance levels, places for stop-loss orders, or generate target prices. Lastly, the trading specialist noted that, should the token maintain the current course, the outlook for the rest of 2025 remains bullish. Likely XRP bullish catalysts in 2025 Within the analysis, Rocksorgate pointed toward several developments that have been generating hype for XRP in recent weeks and months. The XRP specialist noted the increased odds that the Securities and Exchange Commission (SEC) will approve a spot exchange-traded fund (ETF) as a particularly powerful potential catalyst. It is worth remembering that such an XRP ETF has been speculated on for more than a year. Developments such as the arrival of products based on Bitcoin and Ethereum, the regulatory pivot within the commission, and the exchange-traded product (ETP) partnership between Trump Media & Technology and Crypto.com all increase the likelihood of approval. Similarly, the SEC could look more favorably at the XRP ETF proposals now that it has entered into a $50 million agreement with Ripple Labs that promises to finally end the years-long court case. Featured image via Shutterstock Source: https://finbold.com/analyst-outlines-xrps-path-to-5/