Bullish Breakout Imminent: XRP Analyst Predicts All-Time High

Market analyst Xoom expects a breakout from a symmetrical triangle formation in XRP's chart, anticipating a bullish move. Despite initial appearances of a bearish setup, the chart is inverted, showing a bullish projection. If XRP breaks convincingly above the triangle, price targets could extend significantly higher, potentially reaching a new all-time high of $3.9.

Market analyst Xoom has expressed optimism about a potential bullish breakout from the symmetrical triangle formation in XRP's chart. Despite initial indications of a bearish setup, the chart's inverted nature suggests a bullish projection. If XRP successfully breaks above the triangle, price targets could extend significantly higher, potentially reaching a new all-time high of $3.9.

The symmetrical triangle formation is a technical pattern that indicates a period of consolidation before a breakout. In XRP's case, the triangle has been forming after a corrective phase, and analysts are closely monitoring this pattern. The price needs to produce a daily candlestick close above the upper boundary of the triangle at $3 to confirm a bull breakout. Above that, the next major resistance is the eight-year high at $3.66, which bulls must overcome to continue the upward trajectory [1].

According to Xoom, the measured target of the triangle is $4, representing a 34% increase from current levels. This target aligns with the analysis by XForceGlobal, who also sees the price target between $19 and $30 based on two possible scenarios [1]. The first scenario suggests that the recent pullback is similar to past cycles, where the price drops to create new levels of distribution before a major breakout. The second scenario indicates that XRP distribution will continue to complete the flat period between Wave 1 and 2 before making a "massive" Wave 3 to the upside [1].

The current price of XRP is trading around $3, showing steady gains in the past week. Strong resistance appears at $4, acting as a short-term barrier for XRP price. However, analysts remain bullish on the macro outlook, with the primary cycle target remaining at $20 despite near-term resistance [3]. The combination of technical analysis and market sentiment suggests that XRP remains under bullish pressure, with higher targets in sight.

In conclusion, while XRP faces near-term resistance, the overall market sentiment remains optimistic. Analysts anticipate a potential breakout from the symmetrical triangle formation, which could lead to significant price appreciation. Investors should closely monitor the price action and consider the implications of a successful breakout.

References:
[1] https://cointelegraph.com/news/xrp-distribution-phase-doesnt-change-20-dollar-price-target
[2] https://cointelegraph.com/news/xrp-distribution-phase-doesnt-change-20-dollar-price-target?utm_campaign=rss_partner_inbound&utm_medium=rss&utm_source=rss_feed
[3] https://blockonomi.com/xrp-price-consolidates-near-3-experts-20-target-still-in-play-this-cycle/