XRP could be on the verge of a major bullish breakout, according to a widely followed analyst.
XRP has continued to show lackluster performance week in and week out while enthusiasts eagerly await a new uptrend. The token dipped over 4% today, trading near $2.30, further worsening its two-month performance, which now shows a 23% loss.
Amid this disappointing showing, some analysts believe XRP is nearing the end of its consolidation phase. Analyst “CryptoBull” recently shared this perspective in a post.
In particular, he has projected that a breakout could occur in a week. The post highlighted that XRP has been trading within a symmetrical triangle pattern since February, after its four-month uptrend peaked.
The technical formation shows that the price fluctuations in XRP on the daily chart have continued to compress, with the asset maintaining values within a tight range. Essentially, as XRP continues to hover around $2.40, the coin is nearing the apex of this consolidation, suggesting a breakout is imminent.
XRP Price Target Upon Breakout
CryptoBull believes the breakout above the triangle formation could occur as early as next week. Accordingly, he set a bold price target of $5.30 as XRP’s potential destination should the bullish momentum occur.
As XRP trades at $2.36 at press time, CryptoBull’s price target suggests an imminent 125% gain for holders.
Other market watchers have also spotted technical patterns on XRP’s chart that suggest an imminent continuation of the earlier uptrend.
According to YouTuber Levi Rietveld, XRP has hit a golden MACD cross. He argues that a massive breakout with life-changing upside could follow.
The accompanying chart suggested a similar occurrence in November 2024, which preceded the nearly 600% price surge that followed. Rietveld expects a renewed uptrend soon, but he did not suggest how high XRP could go.
Likewise, in a separate commentary, analyst Steph similarly cited the recurrence of a historical pattern in XRP’s current structure that saw the price move from $0.49 to $3.40 in a few months.
Veteran Analyst Warns of Massive Dump
While these analysts are optimistic about XRP’s next move, veteran analyst Peter Brandt believes market participants should be cautious about XRP’s upcoming movements.
Brandt has identified a head-and-shoulders pattern on XRP’s daily chart, signaling a potential decline. He suggests XRP could drop to $1.07, marking a 55% correction from current levels.
Analysts like Ali Martinez have also forecasted this correction, warning of a potential dip below $1.
DisClamier: 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 opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
