Technical analysis from crypto analyst Ali (@ali_charts) suggests XRP could be on the verge of a major price rally, potentially reaching as high as $15. The prediction stems from a detailed examination of XRP price movement over several years, specifically focusing on a symmetrical triangle pattern that has recently shown a significant breakout.
The weekly chart of XRP/USD reveals a development that has been years in the making. Since 2018, XRP’s price action has been contained within a symmetrical triangle formation, characterized by two converging trendlines. Ali’s analysis highlights the recent breakout from this pattern, which typically signals a strong directional move.
Breaking Down the XRP Price Targets
According to Ali’s analysis, the breakout from this long-term pattern could propel XRP toward several key price levels. The first major resistance sits at $2.75, representing a previous high that traders will watch closely. Beyond this level, Ali identifies several Fibonacci extension targets that could come into play: $6.89, $12.21, and ultimately $16.73.
The measured move from the symmetrical triangle breakout suggests a potential surge toward $15, as noted by Ali. This projection isn’t merely speculative; it’s based on traditional technical analysis methods that measure the height of the triangle pattern. The recent sharp and strong breakout adds credibility to this bullish scenario.
Read Also: Ripple (XRP) Will Soar to $100, Says Popular Crypto Analyst—Here’s Why
Potential Challenges and Considerations
While Ali’s analysis points to a bullish outcome, traders should remain aware of potential hurdles. The price might need to retest the breakout zone between $0.75 and $1.40 before continuing higher.
This is a normal market behavior that often provides confirmation of the breakout’s validity. Additionally, maintaining momentum above the upper trendline will be crucial for the bullish scenario to play out.
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