The recent XRP price spike has catalyzed a breakout from a multi-year symmetrical triangle, with prominent analysts setting up multiple targets up to $6.
XRP outperformed most of the market last night when it rallied to clinch a new yearly high of $0.7440. The cryptocurrency’s push toward this new top was buoyed by an impressive 20% spike in four hours, as earlier reported by The Crypto Basic.
Amid the price rally, several analysts have identified a bullish development in the weekly timeframe. Notably, the sudden spike sparked a major push above pivotal resistance levels, allowing XRP to stage a breakout from a multi-year symmetrical triangle.
XRP Targets $6 After Breakout of Symmetrical Triangle
DustyBC, a market analyst and prominent YouTuber, called attention to this breakout. Data from an accompanying chart indicates that XRP has continued to trade within a symmetrical triangle for over six years since it dropped from the $3.3 high in January 2018.
$XRP BREAKING OUT OF THE 6.5 YEAR DOWNTREND! pic.twitter.com/3Ki5mN06v4
— DustyBC Crypto (@TheDustyBC) March 11, 2024
This symmetrical triangle, formed on the weekly chart, has persistently dictated XRP’s movements, with the upper descending trendline serving as resistance and the lower ascending trendline providing support against steeper price declines.
The last time XRP attempted to break the triangle was in July 2023 when it soared to $0.93. However, the asset slipped back into the pattern following a price collapse. The latest push above the triangle marks the third time XRP is breaking out of the upper trendline.
DustyBC believes this breakout would hold, projecting an initial target of $3.31. For his second target, DustyBC expects XRP to soar toward the $6 price territory, essentially setting a new ATH, a trend observed with some assets in this cycle.
Mikybull, another analyst who remains bullish on XRP, presented a similar perspective. Mikybull’s chart, also on the weekly timeframe, suggests that XRP had been trading within a symmetrical triangle since it slumped from the $1.96 high in April 2021.
It is time to send it to the pattern target of $6🔥🚀 https://t.co/O3jyfVssL2 pic.twitter.com/5avvWGMC8L
— Mikybull 🐂Crypto (@MikybullCrypto) March 11, 2024
With the recent price surge, XRP has broken out of this symmetrical triangle. Interestingly, Mikybull also sets a target of $6. Data from his chart suggests that XRP recorded a breakout from a similar triangle in 2017, eventually soaring to $3.31 ATH in January 2018.
Initial $2.3 Price Target
Captain Faibik, a skilled chartist, also entered the discussion. Also, leveraging a weekly chart, the analyst called attention to the symmetrical triangle that XRP formed upon collapsing from the $1.96 high in April 2021. This is the same triangle from Mikybull’s chart.
Details from Faibik’s chart confirm that XRP has indeed staged a breakout from the triangle. However, Faibik projects a minimal 253% rally to the $2.3 price level. While this price remains one of the most bullish targets for XRP, the asset would require an extra 40% rise from here to breach its ATH price.
$XRP #XRP is finally Breaking out of Triangle after Long Consolidation.. 🔥📈 pic.twitter.com/TBY3JxfEXN
— Captain Faibik (@CryptoFaibik) March 11, 2024
World of Charts, another analyst, had a similar perspective. Meanwhile, XRP has continued to battle the bears at the pivotal $0.70 level after a correction saw it drop to this zone. The crypto asset currently trades for $0.7024, up 14.57% over the past 24 hours amid heightened volatility.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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