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Industry commentators believe $XRP is all set for a breakout after nearly two weeks of consolidation but is awaiting major news to trigger the shift.
Vincent Van Code, a widely followed software engineer, shares this sentiment. In a tweet, Van Code pointed out that $XRP is forming an ascending triangle on the daily chart. He noted that in the absence of significant news, the price may follow technical analysis patterns.
According to him, this typically happens when the market is awaiting news, causing it to trade sideways. While he acknowledged that daily price swings of 10 to 20% are common, he emphasized that the key move will come with a breakout above $2.90.
Yet, he stressed that this breakout will likely occur once major news is announced. “Let’s wait and see,” he said.
Imminent News to Trigger $XRP
Notably, the $XRP Army eagerly awaits at least three key developments, which they believe will ignite a new spark for $XRP. Among them is the upcoming launch of Ripple’s stablecoin, $RLUSD.
Earlier this week, Ripple secured approval from the New York Department of Financial Services (NYDFS) to list $RLUSD. Ripple CEO Brad Garlinghouse stated that $RLUSD will soon launch on partner exchanges.
Other pro-$XRP news in the works includes ETF approvals and the settlement of Ripple’s ongoing lawsuit. However, these events will unfold in 2025.
Meanwhile, the launch of $RLUSD is imminent. With the news expected in the coming days, $XRP proponents believe it could be the catalyst for $XRP’s new bull run. At press time, $XRP is trading at $2.51, up by 7.11% over the past 24 hours.
$XRP Targets After Breakout
Van Code believes $XRP’s breakout rally will gain significant momentum once the asset surpasses $2.90. At the same time, other market commentators have set ambitious targets for $XRP enthusiasts to look forward to when the bull run resumes.
Technical analyst Arjantit, in a tweet, noted that $XRP is displaying a bullish flag pattern on the 8-hour chart, signaling the potential for a breakout. According to him, a break above the flag could push the price towards $2.91 and $3.20. He advised market participants to watch for confirmation of this setup.
In a separate post, analyst “FinanceBro” expressed a similar view, stating that $XRP’s bull flag is “officially complete.” In his view, the breakout rally will likely drive the price to $4.40.
Meanwhile, he further suggested that $4.40 could merely mark the beginning of an even larger rally to the upside.