Cryptocurrency

XRP Breakout Imminent? Crypto Expert Predicts $4.20 Target Amid Bullish Patterns

In a recent post shared on X, Abs, the well-known crypto researcher and host of the Good Morning Crypto show, presented an optimistic view of XRP’s potential breakout.

He shared insights into XRP’s technical chart, particularly the symmetrical triangle pattern forming on the monthly chart, and opened the discussion around whether XRP could potentially reach a price target of $4.20 by 2025.

The chart, originally sourced from Cointelegraph, highlights a symmetrical triangle pattern commonly viewed as a neutral continuation pattern. These patterns suggest that as the range narrows over time, the price will eventually experience a breakout, either upward or downward. Based on historical trends and technical analysis, Abs speculates that XRP’s breakout could see a strong upward trajectory.

Technical Analysis Breakdown

Abs draws attention to the Fibonacci retracement levels in his post. According to the chart, XRP is currently trading around the $0.53 mark, down approximately 6% on the day of the post.

The Fibonacci levels, which are mathematical ratios often used by traders to identify potential support and resistance levels, indicate key price zones to watch. In this case, the chart shows that the nearest resistance would occur within the 0.236-0.382 Fibonacci retracement range, approximately between $0.71 and $1.05.

In the context of bullish patterns, this area also coincides with the projected bullish reversal target based on an inverse head-and-shoulders (IH&S) pattern. The IH&S is a bullish reversal pattern that often signals the end of a downtrend and the beginning of a new upward trend. Should XRP manage to clear the resistance in this range, the breakout target suggested by Abs is a steep climb to $4.20 or higher.

The symmetrical triangle pattern combined with the Fibonacci retracement levels and IH&S analysis presents a compelling case for potential upward movement in the coming months.

Market Sentiment and Poll Results

To engage his audience further, Abs conducted a poll asking if they believed XRP would reach the projected $4.20 price point by 2025. The survey showed a strong bullish sentiment, with 70% of voters expressing confidence that XRP would hit the $4.20 target, while the remaining 30% believed the price would fall short of this goal.

While the poll reflects the general optimism around XRP within the crypto community, it’s important to recognize that predictions rely heavily on several factors, including market conditions, regulatory developments, and adoption trends.

Based on technical patterns and community sentiment, Abs’ analysis paints a promising picture for XRP’s future price action. The formation of the symmetrical triangle, combined with other bullish indicators like the inverse head-and-shoulders pattern and Fibonacci retracement levels, suggests that XRP could be poised for a breakout toward the $4.20 target.

Disclaimer: This content is meant to inform and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not represent Times Tabloid’s opinion. Readers are urged to do in-depth research before making any investment decisions. Any action taken by the reader is strictly at their own risk. Times Tabloid is not responsible for any financial losses.


Follow us on Twitter, Facebook, Telegram, and Google News

Solomon Odunayo

Solomon is a trader, crypto enthusiast, and analyst with over four years of experience in the industry. He strongly believes that crypto assets and the blockchain will continue to gain prominence. At TimesTabloid.com, he focuses on news, articles with deep analysis of blockchain projects, and technical analysis of crypto trading pairs.

Recent Posts

Bull Run In Full Effect? Smart Investors Turn to These 3 Top Coins for Huge Price Rallies

The crypto market is on fire again after the US presidential elections. This has led…

9 minutes ago

Shiba Inu Lead Dev: It’s Time We Showcased SHIB Power

In a recent announcement, Shytoshi Kusama, Shiba Inu's lead developer, addressed the skepticism surrounding SHIB’s…

50 minutes ago

CMC Expert List On Fastest Growing Crypto Currencies In 2024: Bonk, Cardano And Yeti Ouro

According to experts at CoinMarketCap (CMC), Bonk (BONK), Cardano (ADA), and Yeti Ouro (YETIO) are…

2 hours ago

XRP Is About to Double Bottom Versus Bitcoin. Here’s the Significance

In a recent analysis, prominent market analyst CryptoBull shared an updated chart on the XRP-Bitcoin…

2 hours ago

Ripple vs SEC: Gensler Grows Net Worth By Millions of Dollars from Lawsuit Fine Commissions

Gary Gensler, the current Chair of the U.S. Securities and Exchange Commission (SEC), has held…

2 hours ago

Analyst Calls 100x XRP Price Rally Citing Nightmare Scenario. Here’s when

In a recent post on X, crypto analyst EGRAG CRYPTO presented a bold prediction regarding…

3 hours ago