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A new bullish target for the $XRP price has been set, as a crypto analyst has announced a recent breakout from a Symmetrical Triangle pattern. The analyst has shared a chart showing $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 the TradingView crypto analyst identified by the pseudonym “PlaceUrBetsPlease,” the $XRP price is breaking out from a Symmetrical Triangle pattern, suggesting upward momentum. A Symmetrical Triangle is a chart pattern that signals a period of consolidation, showing no clear indication of a bullish or bearish feeling.
The analyst highlighted key resistance and support levels in his chart, projecting a new $ATH target for the $XRP price. He emphasized that the cryptocurrency has maintained a price above the weekly support area of $2.21, a critical level reinforcing its bullish position.
Currently, $XRP is set to retest a new resistance level at $2.35, which the analyst suggests is required to trigger the cryptocurrency’s next upward push. The TradingView market expert has also revealed that after $XRP’s breakout from the Symmetrical Triangle pattern, the next move is a massive price surge to $8.
The analyst’s projection aligns with Fibonacci extension levels, a technical tool for predicting potential price targets during an uptrend. In the presented chart, he suggested that the price levels at $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 with the 4.236 Fibonacci extension level, marking a 1,500% surge from the initial breakout point.
Notably, the TradingView expert disclosed that his predicted $XRP price target of $8 coincides with historical percentage gains observed during previous bull runs. The analyst also notes that $XRP’s previous $ATH above the $3.32 level, as indicated by the price chart, is within reach. The cryptocurrency achieved its all-time high of $3.84 during its bull rally in 2018, marking one of its most exponential price surges since its inception.
Expect A Pull Back Along The Way
While the TradingView analyst remains significantly bullish on $XRP’s price outlook, he also cautions about potential pullbacks and market volatility. He warns that investors and traders should be prepared for a possible 10%, 20%, and 30% price pullback as $XRP moves towards its predicted target.
While these corrections may delay $XRP’s price growth to $8, the analyst has reassured that pullbacks are expected in the cryptocurrency market, especially during strong uptrends. Based on CoinMarketCap’s data, the $XRP price is currently trading at $2.45, meaning the cryptocurrency would need to rise by approximately 233% to reach an $8 $ATH.