XRP's breakout from a symmetrical triangle suggests strong bullish momentum with a potential rise above $2.60.
The 2024 breakout positions XRP for possible gains as it represents the first notable move above multi-year resistance.
XRP’s historical chart patterns point to continued upward movement, with $2.30 as a key mid-term target if momentum holds.
XRP has recently broken out of a long-standing symmetrical triangle pattern, igniting bullish sentiment among traders. The cryptocurrency broke above a critical descending resistance level of around $0.58 and advanced to $0.73. This breakout is a shift in XRP's market structure and positions it for a potential rally towards $2.60, based on technical analysis by crypto analyst Captain Faibik.
https://twitter.com/CryptoFaibik/status/1856741257214591009 Long-Term Trendlines Define XRP’s Pattern
With its pinnacle in 2024, this symmetrical triangular pattern has been developing for a number of years. While the declining trendline links the highs from April 2021, the ascending trendline started with higher lows from early 2020. As XRP approached the pattern's peak, these trendlines progressively came together, narrowing price movements. As a result, the breakout in November 2024 represents the first strong movement above multi-year resistance since 2021.
The triangle pattern indicates reduced volatility within its boundaries, as XRP’s price action consolidated. From early 2023 onward, the price repeatedly tested the resistance line before the breakout, suggesting sustained bullish pressure. Now, the breakout has opened up an opportunity for substantial upward momentum if buying pressure continues.
Historical Context Supports Upside Target
Historically, the triangle pattern in XRP's chart has led to meaningful price moves following breakouts. According to Captain Faibik, XRP's recent upward move aligns with the widest part of the triangle, projecting a target at $2.60. Additionally, this projection box on the chart highlights an approximate 254.6% potential increase from the current breakout level. Moreover, XRP reached a notable peak of $1.96 in April 2021, adding historical significance to this breakout level.
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