- XRP’s breakout above its multi-year triangle signals bullish momentum, with analysts targeting up to $48.12.
- After years of consolidation, XRP’s price surge shows strong upward potential, guided by key Fibonacci levels.
- Analysts see XRP as undervalued, with price targets suggesting major growth following the breakout above $3.32.
XRP has recently surged above a multi-year symmetrical triangle pattern, marking a pivotal breakout. Ali_charts who is a technical analyst views the digital asset as undervalued, despite some market watchers considering it overbought. This price movement signals renewed bullish momentum, suggesting potential for substantial growth.
The breakout establishes important support and resistance levels that may direct the asset’s future price trajectory after years of price consolidation inside a shrinking range. As a result, analysts are setting ambitious price goals for XRP; some even anticipate a spike to as high as $48.12.
Breakout from Symmetrical Triangle
The chart of XRP reveals a massive symmetrical triangle that has formed over several years. The price before was volatile, reaching a high of around $3.32 in early 2018. However, the following years reduced volatility, leading to a consolidation phase.
Within the triangle, the price was forming a pattern of lower highs and higher lows. It was a setup for a market that was literally waiting for its breakout. XRP recently burst above the upper boundary of the triangle, confirming the end of consolidation and the start of a robust uptrend.
Fibonacci Analysis and Projected Targets
Fibonacci retracement levels include 0.236 at $0.2463, 0.382 at $0.4049, and 0.5 at $0.6050. The 0.618 retracement level, positioned at $0.9040, also marked a significant area of support and resistance.
After the breakout, XRP surpassed these levels, with the price climbing to approximately $2.5285. Moreover, Fibonacci extensions suggest bold future targets, with the 1.272 level pointing to $8.37, and the 1.786 extension forecasting a potential high near $48.12.
