XRP’s recent price surge has spurred excitement in the community as the long-awaited climb has begun. It has been relatively stagnant and its holders had to watch while other tokens like SHIB surged significantly.
XRP surged by 20% in a few hours, reaching a new yearly high of $0.7421. Its bullish momentum coincides with a technical development on the weekly chart, and analysts predict a potential price explosion.
Read Also: XRP to $412? Top Analyst Shares Historical Path To 75,000% Rally
Breakout from Symmetrical Triangle
XRP has been trading within a symmetrical triangle on the weekly timeframe for over six years. This triangle pattern typically indicates a period of consolidation, with prices oscillating between an upper resistance line and a lower support line.
The significance of the current price movement lies in XRP decisively breaking above the triangle’s upper resistance line. An analyst recently set a timeline for this breakout, and this move suggests a potential shift in the asset’s price direction, with analysts interpreting it as a bullish signal.
Price Targets
Several prominent analysts have weighed in on XRP’s future trajectory in light of the breakout. DustyBC Crypto (@TheDustyBC), a market analyst and YouTuber, believes this breakout will hold. He projected an initial target matching XRP’s all-time high. DustyBC Crypto has set a second, more ambitious target, suggesting XRP could reach almost $6 to surpass its current all-time high.
Mikybull Crypto (@MikyBullCrypto), another analyst with a bullish outlook on XRP, aligns with DustyBC Crypto’s assessment. Mikybull Crypto’s analysis, also based on the weekly timeframe, suggests XRP has been confined within a similar symmetrical triangle since April 2021, when the price fell from $1.96. The recent surge has resulted in a breakout from this triangle, mirroring the technical pattern observed by DustyBC Crypto.
Mikybull Crypto’s $6 target mirrors DustyBC Crypto’s target, and the analyst drew parallels to XRP’s price movement in 2017. That year, a breakout from a similar triangle was followed by XRP reaching its all-time high in January 2018.
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Read Also: Analyst Shows XRP Is Gearing For 17,139% Rally To $107. Here Are Key Milestones
More Bullish Predictions
Other prominent analysts have also shared XRP predictions. EGRAG CRYPTO (@egragcrypto) believes XRP can go higher, predicting a surge to $17 and a follow-up taking the digital asset to $27.
Captain Faibik (@CryptoFaibik) has provided a more conservative price target. He uses the same weekly chart timeframe as Mikybull Crypto, acknowledging the breakout from the symmetrical triangle. Captain Faibik anticipates a 253% increase, placing his target at $1.6. Despite the varying targets, all analysts believe XRP’s time has come.
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