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A new bullish target for XRP price has been established after a crypto analyst recently announced a breakout from a symmetrical triangle pattern. The analyst has shared a chart showing XRP’s price action over a three-day time frame, highlighting key resistance levels that could help propel the cryptocurrency towards a bullish target of $8.
Symmetrical triangle to push XRP price to $8
According to TradingView’s Crypto Analyst, identified by the pseudonym “PlaceUrBetsPlease”, the XRP Price Breaks Out of a symmetrical triangle pattern, suggesting upward momentum. A Symmetrical triangle is a chart pattern that indicates a period of consolidation and does not provide a clear indication of bullish or bearish sentiment.
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The analyst highlighted important resistances and support levels in his chart, projecting a new ATH target for the XRP price. He highlighted that the cryptocurrency has maintained a price above the weekly support area at $2.21, a critical level that strengthens its bullish position.
Currently, XRP is set to Test again a new resistance level at $2.35, which the analyst believes is necessary to trigger the cryptocurrency’s next upward move. The market expert from TradingView also revealed this afterwards XRP’s breakout from the symmetrical triangle Pattern, the next step is a huge price increase to $8.
The analyst’s projection corresponds to the Fibonacci extension levels, a technical tool for predicting potential price targets during an uptrend. In the chart presented, he suggested that the price levels of $4 (1,272 Fib), $6 (2,618 Fib) and $7 (3,618 Fib) would serve as potential resistance areas that XRP would have to overcome and hit a new ATH target from $8. This bullish target corresponds to the Fibonacci extension level of 4,236, which represents an upside of 1,500% from the original breakout point.
Notably, the TradingView expert revealed 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 indicated by the price chart is within range. The cryptocurrency has achieved its goal all-time high of $3.84 during the 2018 bull rally, which marked one of the most exponential price increases since its inception.
Expect a setback along the way
While the TradingView analyst remains significantly optimistic Price Outlook of XRPHe also warns of possible pullbacks and market volatility. He warns that investors and traders should be prepared for a possible increase of 10%, 20% and 30%. price withdrawal as XRP approaches its predicted target.
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While these corrections may slow XRP’s price growth to $8, the analyst 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, which means the cryptocurrency would need to rise by around 233% to reach an ATH of $8.
Featured image created with Dall.E, chart from Tradingview.com