The price of XRP has been show signs of consolidation in recent days and has fluctuated between $2.30 and $2.50. The entire crypto market has been relatively stable, and so has XRP managed to maintain his position above $2.20.
Despite the sluggish momentum, a technical analysis shared by crypto analyst ChartNerd on The analysis is supported by a graph that shows several confluences of circumstances favorable to such a large-scale move.
XRP Technical Analysis Points to Rally
According to ChartNerd’s chart: XRP has now completed a symmetrical triangular breakout pattern that has been forming for several years. This breakout occurs above a multi-year rising support line dating back to 2017. The chart also shows a key resistance block that previously capped the price of XRP during previous bull runs in 2017 and 2021.
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XRP broke above this resistance block months ago, but recently tested it again during last week’s flash crash. The recovery of this resistance block reinforces the idea that XRP is poised for a huge bounce. The breakout from this long-term consolidation zone, combined with the multi-year rising trendline, provides the technical basis for a potential move toward much higher price targets.
Another important confirmation that took place during the flash crash was the successful retest of the 3-month 10 EMA. This retest serves as a validation point for the recent breakout, showing that XRP is maintaining its structure on higher time frames. Moreover, the analysis shows that XRP has regained the upper regression line of the Gaussian channel, which represents long-term trend momentum.
This alignment of the EMA retest with the Gaussian channel suggests that strong bullish momentum is starting to build. ChartNerd calls this convergence of multiple indicators a “confluence zone.”
Fibonacci extension targets from $8 to $27
The analysis concludes with a clearly defined Fibonacci roadmap for expansions that outlines XRP’s next price targets. ChartNerd’s Fibonacci Levels place the first major target at $8.47, corresponding to the 1,272 extension, followed by $13.78 at the 1,414 level, and finally the 1,618 renewal for $27.70.
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This order implies a complete technical replicating XRP’s 2017 bull runscaled to the current breakout structure. At the time, XRP reached all three Fibonacci extensions from the previous low after breaking above a similar resistance block.
If these projections come to fruition, XRP could see its biggest rally in years. The move to $27 could unfold in two ways: either through a strong, near-vertical rise similar to the explosive rally of 2017, or through a series of measured advances highlighted by corrections at each resistance level. Nevertheless, both scenarios have the same bullish structure.
At the time of writing, XRP is trading at $2.44, up 1.4% in the last 24 hours.
Featured image from iStock, chart from Tradingview.com