XRP price is on the verge of breaking out of a pattern with a projected 100% bullish outcome, potentially pushing its value to $5.
The cryptocurrency $XRP has seen a historically significant year in 2024 after this altcoin recorded its highest monthly close ever in December at $2.08. With a 16.50% profit over the past three days, XRP has also had a positive start to 2025.
With market expectations largely optimistic for 2025, traders and technical analysts have outlined potential targets for XRP in the coming months.
The 'second wave' of XRP will begin
XRP price exhibited a 'god candle' in November 2024, breaking a seven-year downtrend with a 283% increase. With Ripple's legal battle with the SEC achieving positive results for the cryptocurrency asset, many analysts believe XRP is poised for further price increases in 2025.
Similarly, Mikybull, a cryptocurrency trader, stated that XRP's second bullish wave is about to begin. Comparing 2017 and 2024 on a two-day chart, XRP has gone through a 30-day consolidation period, during which the relative strength index (RSI) dropped from overbought conditions to around 57.
Next is the retest of the 20-day-40-day EMA level serving as a support band before a strong breakout.
Likewise, Javon Marks, a cryptocurrency investor, outlined another chart pattern showing remarkable similarities between XRP's 2017 bull run and its current price action. Marks explained that this altcoin's current daily chart shows a series of strengths reflecting its 2017 bull run. The trader stated,
"Based on previous performance, all-time highs (> $3.317) and MUCH HIGHER seem to be just a matter of time, not if or not."
Bullish flag pattern targets a 100% increase in XRP
A specific short-term pattern with a projected 100% bullish outcome has been observed for XRP since November 2024, which is a bullish flag. As illustrated in the chart, each time a bullish flag forms, it reaches XRP's Fibonacci extension level after a positive breakout.
The current setup shows a similar outlook, and a successful breakout could lead to XRP reaching FIB levels of 1.618 and 2.272. A similar bullish increase would bring XRP up to $5 in the coming weeks, equivalent to 110% of its current value.
While the above price target seems reasonable, other analysts have even higher targets for this altcoin. Tony Severino, a market technical expert, has identified a potential bullish flag for XRP on the 1-day chart. The trader explained that a valid breakout from this specific pattern would place XRP's top target around $13, which is an additional 440% increase.
However, Severino added that the $13 price of XRP is beyond the ideal target, but not 'impossible'.
*This article does not contain investment advice or recommendations. All investment and trading moves carry risks, and readers should do their own research when making decisions.
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