XRP Price Breaks Out Of Symmetrical Triangle Pattern, Why The Target Is $8
one New Bullish Targets for XRP Price Cryptocurrency analysts announced a recent breakout of the symmetrical triangle pattern. Analysts have shared This chart shows XRP price action on a 3-day time frame, highlighting key resistance levels that could help push the cryptocurrency towards a bullish $8 target.
Symmetrical triangle pushes XRP price to $8
According to a TradingView cryptocurrency analyst who goes by the pseudonym “PlaceUrBetsPlease,” XRP price is breaking out Coming from a symmetrical triangle pattern, indicating upward momentum. one symmetrical triangle is a chart pattern that indicates a period of consolidation, showing no clear signs of bullish or bearish sentiment.
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Analysts highlight key headwinds and support level In his chart, a new ATH target for XRP price is predicted. He highlighted that the cryptocurrency’s price has held above the weekly support area of $2.21, a key level to strengthen its bullish stance.
Currently, XRP is set to Retest new resistance levels Analysts believe that $2.35 is needed to trigger the cryptocurrency’s next rise. TradingView market experts also revealed that after XRP breaks out of symmetrical triangle mode, the price will surge to $8 in the next step.
Analyst forecasts are consistent with Fibonacci extension levels, a technical tool used to predict potential price targets during an uptrend. In the chart presented, he suggests the $4 (1.272 Fib), $6 (2.618 Fib), and $7 (3.618 Fib) price levels as potential resistance areas for XRP to overcome and overcome. Reach new ATH goals $8. This bullish target corresponds to the 4.236 Fibonacci extension level, marking a 1,500% surge from the initial breakout point.
Notably, the TradingView expert revealed that his predicted XRP price target is $8, which is in line with the historical percentage gains observed during previous bull runs. The analyst also noted that XRP’s previous ATH above the $3.32 level is within reach, as shown on the price chart. Cryptocurrency achieves its All-time high $3.84 During the 2018 bull rally, it was one of the most exponential price surges since its inception.
Expect pullbacks along the way
Although TradingView analysts remain very bullish XRP Price OutlookHe also warned of potential pullbacks and market volatility. He warns investors and traders should prepare for possible 10%, 20% and 30% Price pullback As XRP moves towards its predicted target.
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While these corrections may delay XRP’s price rise to $8, analysts have once again assured that the cryptocurrency market can expect a correction, especially during strong upward trends. According to data from CoinMarketCap, XRP price is currently trading at $2.45, which means the cryptocurrency would need to rise by approximately 233% to reach $8.
Featured image created using Dall.E, chart from Tradingview.com
