Key Takeaways:
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XRP’s macro outlook remains highly bullish, with technical analysis predicting a cycle peak surpassing $20.
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The formation of a symmetrical triangle suggests an imminent bullish breakout targeting $4 in the short term.
The price of XRP dropped by 22% to $2.72 from a multi-year high of $3.66 reached on July 18, later bouncing back to approximately $3.
The question arises whether this popular altcoin has peaked or if a stronger rally is expected.
Sustained Bullish Outlook for XRP Macro
According to analysts, XRP is currently consolidating within a symmetrical triangle pattern on its daily price chart, signaling potential for another upward momentum.
One prominent pseudonymous analyst, known as XForceGlobal, stated that the $20 price point remains the primary cycle target for XRP.
Despite prevailing resistance near the critical $4 psychological level, this does not alter the overall macro bullish perspective.
Two main scenarios are proposed:
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First, the recent pullback mirrors previous cycles where prices retrace to establish new levels of distribution ahead of a major breakout.
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Second, the continuation of the distribution phase completes a flat corrective wave, setting the stage for a robust Wave 3 price surge.
XForceGlobal emphasized that there are no signs indicating a significant downturn, and the market appears poised for a substantial rally.
Symmetrical Triangle Breakout Points Toward $4 Resistance
Currently, XRP trades within a symmetrical triangle on the daily chart, supported by data from Cointelegraph Markets Pro and TradingView.
To confirm a bullish breakout, closing a daily candlestick above the triangle’s upper boundary at $3 is crucial.
If breached, the next resistance lies at the eight-year high of $3.66, a key level for bulls to surpass for continued upside.
The measured breakout target from the triangle pattern is around $4, representing a 34% increase over current levels.
Veteran trader Matthew Dixon noted that this consolidation phase aligns with a distribution period between market waves, potentially preceding a significant move toward $4.
Additional technical charts reinforce the possibility of a short-term XRP breakout with targets ranging from $4.40 to $6.
Disclaimer: This content does not constitute investment advice. Trading cryptocurrencies involves risk. Readers should perform their own research before making any financial decisions.
