XRP News Today: XRP Breaks Bear Trap, Targets 1500% Gain

Market volatility often obscures long-term trends, but technical structures can provide clarity to experienced analysts. A recent post by crypto strategist Steph Is Crypto highlights what he believes to be a pivotal moment for XRP. In a chart covering the monthly XRP/USD pair, Steph identifies a bear trap, congratulating XRP holders for enduring the tumultuous period.

A bear trap is a false signal where the price of an asset appears to be entering a downward trend, prompting traders to open short positions. However, the price then reverses and starts moving upwards, trapping those who bet on the decline. These traders are forced to close their positions at a loss, as the price moves against them.

XRP began an extended consolidation phase after dipping below $3 in early February. The asset has failed to reclaim that position and briefly dipped below $2 on multiple occasions. Steph’s chart marks the breakout, with XRP currently positioned around $2.13.

Steph’s chart also shows that this is not the first time the asset has shown such behavior. The image references a similar event from late 2017 when XRP briefly consolidated in a tightening range before exploding to its all-time high of $3.84. XRP broke out of its consolidation phase after hitting the lower trendline, leading some to believe a downward move was underway. However, the asset rebounded almost immediately, invalidating the bearish signal. The chart draws a direct comparison between that historic setup and what has just occurred, anticipating a massive surge in the immediate future.

While Steph does not provide exact projections, the potential bullish candle on his chart suggests significant upside potential, targeting between $15 and $35. Other experts have predicted similar targets. This would represent a major move from current levels. Steph’s analysis centers purely on price structure, and if the current breakout sustains momentum, traders may repeat the 2017 rally but on a larger scale. Experts previously predicted that the lack of momentum over the past few months would separate the tourists from the true believers, and the conclusion of the bear trap could significantly impact everyone who entered short positions anticipating an extended bear market.