XRP's Symmetrical Triangle Pattern Suggests 150% Price Surge

XRP, the cryptocurrency closely associated with Ripple Labs, is exhibiting signs of a potential breakout as its price chart forms a symmetrical triangle pattern, accompanied by other bullish technical indicators. This pattern, characterized by two converging trend lines, suggests a buildup of momentum that could lead to a significant price movement.

According to technical analysis from a well-followed analyst, a breakout from this formation could drive XRP toward a short-term target of $6. The symmetrical triangle has been developing over recent weeks, with XRP’s price action tightening as it approaches the apex of the triangle. This setup is commonly observed in crypto markets and often precedes a sharp move, either upward or downward, depending on the direction of the breakout.

Fibonacci retracement analysis further supports this outlook, identifying $2.04 as a key support level and $2.2 as a critical resistance. A break above $2.2 could confirm the bullish trend, potentially driving XRP toward the $5 to $8 range in the mid term, according to the analyst's forecast.

The Elliott Wave framework, which forecasts price movements in five distinct “waves” based on repeating price patterns, also supports this bullish outlook. The five-wave pattern reflects growing optimism, while the three-wave correction shows profit-taking or pessimism. These waves are driven by collective investor psychology and can occur across different timeframes, providing a way to map market behavior.

A bullish technical outlook coincides with growing optimism in the crypto market, driven in part by regulatory developments. The U.S. House is set to hold a crypto hearing on April 9, focused on developing a regulatory framework for digital assets. This could boost interest in tokens perceived to be close to the U.S. government, such as XRP, which was named as part of a potential crypto stockpile by President Donald Trump earlier in January.