XRP news today: XRP Breaks Out, Targets 1380% Gain to $8.08

XRP, the cryptocurrency, has recently broken out of a prolonged consolidation phase, signaling a potential surge in its price. According to a crypto analyst, XRP is poised to reach $8.08, which would mark a new all-time high for the altcoin. This breakout is seen as a bullish indicator, as XRP has moved above several key moving averages, including the 200-day Simple Moving Average (SMA), which is considered a long-term bullish signal.

The technical chart analysis by Master Ananda on TradingView indicates that XRP is now trading above crucial Exponential Moving Averages (EMAs), such as the EMA9, EMA10, EMA20, EMA25, and EMA50. These EMAs suggest short to medium-term bullishness for XRP. The breakout from the descending consolidation pattern is further confirmed by key Fibonacci Extension levels, which project XRP's rise to $8.08 through several price targets: the 1.618 Fib at $4.5, the 2.618 Fib around $6.29, and the 3.618 Fib at $8.08.

If XRP were to reach $8.08, it would represent a more than 1380% increase from its current market value, surpassing its previous all-time high of $3.84. The analyst's chart shows a clear breakout trajectory with a steady upward pace, emphasizing that the reversal point has already been confirmed. For its short-term price targets, Master Ananda has identified four key Fibonacci Extension levels: the 0.382 Fib at $2.29, the 0.5 Fib at $2.5, the 0.618 Fib at $2.71, and the 0.786 Fib at $3.01. Additionally, the $3.4 level is highlighted as a significant resistance level for XRP. Breaking above this price would further confirm the bullish momentum toward the $8.08 target.

Despite the bullish outlook, Master Ananda advises investors and traders to exercise patience and caution. The journey toward the $6-$8 price range is expected to span several months, not just weeks, as the market gradually stabilizes and bullish momentum builds. Although market volatility could still test XRP’s price action, the breakout from the SMA200 confirms that the cryptocurrency has entered a multi-month bullish phase. Traders are expected to take profits once XRP's price reaches its peak, ensuring long-term bullish growth for the cryptocurrency.