XRP Breaks Out of Multi-Year Triangle, Targets $5.40
XRP has remained stable while Bitcoin dropped to $110,500, struggling to reclaim $112,700. XRP traded between $2.90 and $2.91 without hitting new lows.
XRP Breaks Out Of Multi-Year Triangle
Analyst Captain Redbeard reports that XRP has broken out of a multi-year triangle formation, signaling potential for a parabolic price movement. This setup mirrors a similar pattern from 2017 before XRP reached its all-time high of $3.4 in 2018.
- The breakout indicates accumulated energy from years of sideways movement.
- The chart suggests a price target could reach as high as $27.
XRP has been consolidating above the 1.0 Fib extension level, similar to its behavior in 2017. The current consolidation is nearing completion, hinting at a possible breakout.
Golden Retrace Support At $2.90
Shorter analysis shows XRP must maintain above $2.90, which aligns with the golden retracement level at 0.618 Fibonacci. This level typically supports corrective Wave 2 movements before an upward Wave 3.
- $3.12 is identified as the immediate confirmation point; a break above could validate bullish trends.
- Next resistance zones are projected at $4.48 and $5.40 for Wave 3 targets.
XRP is currently trading at $3.02, reflecting a 3.4% increase in the last 24 hours.
