A New bullish target for XRP price set, as one crypto analyst announced a recent breakout from a congruent triangle pattern. The analyst shared A chart shows XRP’s price action on a 3-day timeframe, highlighting key resistance levels that could help propel the cryptocurrency to a bullish target of $8.
Symmetrical triangle to push XRP price to $8
According to a TradingView crypto analyst identified by the nickname “PlaceUrBetsPlease”, XRP price is collapsing From a symmetrical triangle pattern, suggests upward movement. A symmetrical triangle There is a chart pattern that indicates a period of consolidation, showing no clear signs of bullish or bearish sentiment.
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The analyst highlighted the main resistance and Levels of support In its chart, XRP is presenting a new ATH target for the price. He emphasized that the cryptocurrency has maintained its price above the weekly support area of $2.21, an important level reinforcing its bullish position.
Currently, XRP is set to Retest a new resistance level At $2.35, which analysts suggest is needed for the cryptocurrency’s next upward push. TradingView market expert also revealed that after Breakout of XRP from Symmetrical Triangle pattern, the next move is a steep increase in price to $8.
The analyst’s projection is consistent with Fibonacci extension levels, a technical tool for predicting potential price targets during an uptrend. In the presented chart, he suggested that price levels in the $4 (1.272 Fib), $6 (2.618 Fib), and $7 (3.618 Fib) would serve as potential resistance areas for XRP to overcome and Hit a new ATH target of $8. This bullish target corresponds to the 4.236 Fibonacci extension level, representing a 1,500% rise from the initial breakout point.
Notably, the TradingView expert revealed that his $8 projected XRP price target is in line with historical percentage gains seen during previous bull runs. The analyst also notes that XRP’s previous ATH above the $3.32 level is within reach, as indicated by the price chart. Cryptocurrency achieved this $3.84 is the highest level During its bull rally in 2018, it represented one of its most aggressive prices since its inception.
Expect a pullback along the way
While the TradingView analyst lives up to it quite quickly XRP price outlookHe also cautions about potential pullbacks and market volatility. He warns that investors and traders should be prepared for possible 10%, 20% and 30%. Price return As XRP moves towards its projected target.
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Although these corrections may delay XRP’s price increase to $8, the analyst assured that a pullback is expected in the cryptocurrency market, especially during a strong uptrend. Based on data from CoinMarketCap, the XRP price is currently trading at $2.45, meaning the cryptocurrency would need to rise by around 233% to reach the $8 ATH.
Featured image created with Dall.E, chart from Tradingview.com
