Key takeaways:
Analysts maintain a bullish macro outlook for XRP, predicting a cycle peak exceeding $20.
The symmetrical triangle pattern suggests a bullish breakout aiming for $4.
XRP’s (XRP) price dropped 22% to $2.72 from its multi-year high of $3.66 on July 18, before bouncing back to current levels around $3.
Has this popular altcoin reached its peak, or is a stronger rally anticipated?
XRP macro outlook remains “bullish”
XRP’s price movement shows consolidation within a symmetrical triangle on the daily chart, indicating a potential bullish impulse as noted by analyst XForceGlobal.
The target price of “$20 remains the primary cycle goal,” the pseudonymous analyst reported in a post on X this Wednesday.
Related: XRP 30% open interest decline could create a buying opportunity under $2.50
While the price faces robust resistance near the $4 psychological barrier, “this does not change the overall bullish macro outlook,” the analyst stated, positing two potential scenarios for XRP’s future movements.
In the first scenario, the recent decline mimics past cycles, where prices retract to establish new distribution levels before a significant breakout.
XForceGlobal mentioned in an accompanying video that after a nearly 50% drop from January 16’s highs at $3.40, the price rebounded to retest that level with a recent surge to $3.66.
Therefore, the latest pullback marks another distribution phase before initiating “one of the strongest upward moves,” the analyst added.
In the second scenario, XRP’s distribution will continue to bridge the flat period between Wave 1 and 2 before embarking on a substantial Wave 3 ascent.
“We have two scenarios, in my view, with the highest probability of conviction, suggesting we are nearing a significant upward shift,” stated XForceGlobal, adding,
“There are simply no signals indicating a substantial sell-off to the downside.”
The projected XRP price target is between $19 and $30, as illustrated in the charts above.
XRP symmetrical triangle breakout aims for $4
XRP’s current price is trading within a symmetrical triangle on the daily candle chart, according to data from Cointelegraph Markets Pro and TradingView.
A daily candlestick close above the triangle’s upper boundary at $3 is required to validate a bullish breakout. If successful, the next significant resistance is the eight-year high of $3.66 that bulls must surmount to maintain an upward trend.
The measured target of the triangle is $4, a 34% increase from the current levels.
The symmetrical triangle interpretation “makes sense when assessing the bigger picture for XRP,” noted experienced trader Matthew Dixon in an X post on Tuesday.
An accompanying chart implied that the consolidation within the triangle is part of a distribution phase between Waves 3 and 4, preceding a larger Wave 5 move towards $4.
As Cointelegraph noted, several technical charts indicate a possible XRP breakout in the near term, targeting between $4.40 and $6.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
