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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.
$XRP
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.