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$XRP is showing early signs of strength after months of sideways movement, with traders pointing to a familiar price structure that previously led to a major upside breakout.
At the time of writing, $XRP is trading at $1.94, up 2.13% over the past day, though it remains down 7.2% over the past week.
- $XRP shows strength as traders spot a familiar setup that has led to a major breakout before.
- Technical charts suggest $XRP is nearing the end of a long consolidation phase.
- A breakout could send $XRP toward $4, requiring just over a 100% price surge.
- Analysts say extended consolidation supports higher targets, with some calling for $6.
$XRP “Looks Good”
Widely followed trader DonWedge shared a 12-hour $XRP chart on TradingView, summarizing his outlook with a simple message: “$XRP looks good.”
The chart highlights a repeating technical pattern that has appeared twice over the past year. In both cases, $XRP formed a descending channel following a strong rally.
Notably, the first instance was $XRP’s move from $0.49 to $3.34 between November 2024 and January 2025. The chart illustrates how $XRP rallied sharply, delivering 6x gains, before entering a controlled downward channel that saw it dip below $1.80 over a six-month period.
Once selling pressure faded, $XRP broke out decisively in July, eventually reaching $3.66.
Current Structure Mirrors Past Setup
The current structure now closely mirrors that earlier setup. Specifically, $XRP has once again spent six months moving within a falling channel, with the price now pressing near the lower boundary as volatility compresses. As a result, the market is increasingly eager for a resumption of a new uptrend.
$4 Is a Possible Next Target
DonWedge’s projection outlines a breakout scenario that could send $XRP toward the $4 level. This zone aligns with a measured move similar to the previous post-consolidation breakout.
While the chart does not suggest an immediate move, it implies that once $XRP exits the channel, the next leg higher could be swift rather than gradual. Notably, from current levels, $XRP would need just over a 106% price surge to reach $4, which would mark a new all-time high.
DonWedge’s “looks good” comment reflects rising confidence among technical traders that $XRP’s long consolidation phase may be nearing its end. While a move to $4 is not guaranteed, the price action suggests $XRP is building strength.
Calls for $6 $XRP
In a separate analysis this week, Elliott Wave analyst XForceGlobal stated that $XRP is in an accumulation phase rather than a bearish zone and could reach a $6 price target.
He noted that $XRP has been consolidating for over a year within its current pattern and for more than eight years in a broader cycle. Such extended consolidation phases often precede strong breakouts.
According to XForceGlobal, $XRP’s long-term triangle breakout remains valid, and recent pullbacks are simply normal market noise. Despite short-term volatility, he considers $6 a conservative target, adding that long, quiet periods that frustrate some holders are a natural part of the process.