XRP Price Breaks Out Of Symmetrical Triangle Pattern, Why The Target Is $8
A new bullish target for the XRP price has been set, as a crypto analyst has announced a recent breakout from a Symmetrical Triangle pattern. The analyst has shared a chart showing XRPs price action on a 3-day timeframe, highlighting key resistance levels that could help propel the cryptocurrency to a bullish target of $8.
Symmetrical Triangle To Push XRP Price To $8
According to the TradingView crypto analyst identified by the pseudonym PlaceUrBetsPlease, the XRP price is breaking out from a Symmetrical Triangle pattern, suggesting upward momentum. A Symmetrical Triangle is a chart pattern that signals a period of consolidation, showing no clear indication of a bullish or bearish feeling.
The analyst highlighted key resistance and support levels in his chart, projecting a new ATH target for the XRP price. He emphasized that the cryptocurrency has maintained a price above the weekly support area of $2.21, a critical level reinforcing its bullish position.
Currently, XRP is set to retest a new resistance level at $2.35, which the analyst suggests is required to trigger the cryptocurrencys next upward push. The TradingView market expert has also revealed that after XRPs breakout from the Symmetrical Triangle pattern, the next move is a massive price surge to $8.
The analysts projection aligns with Fibonacci extension levels, a technical tool for predicting potential price targets during an uptrend. In the presented chart, he suggested that the price levels at $4 (1.272 Fib), $6 (2.618 Fib), and $7 (3.618 Fib) would serve as potential resistance areas for XRP to overcome and hit a new ATH target of $8. This bullish target corresponds with the 4.236 Fibonacci extension level, marking a 1,500% surge from the initial breakout point.
Notably, the TradingView expert disclosed that his predicted XRP price target of $8 coincides with historical percentage gains observed during previous bull runs. The analyst also notes that XRPs previous ATH above the $3.32 level, as indicated by the price chart, is within reach. The cryptocurrency achieved its all-time high of $3.84 during its bull rally in 2018, marking one of its most exponential price surges since its inception.
Expect A Pull Back Along The Way
While the TradingView analyst remains significantly bullish on XRPs price outlook, he also cautions about potential pullbacks and market volatility. He warns that investors and traders should be prepared for a possible 10%, 20%, and 30% price pullback as XRP moves towards its predicted target.
While these corrections may delay XRPs price growth to $8, the analyst has reassured that pullbacks are expected in the cryptocurrency market, especially during strong uptrends. Based on CoinMarketCaps data, the XRP price is currently trading at $2.45, meaning the cryptocurrency would need to rise by approximately 233% to reach an $8 ATH.
Read more: https://www.newsbtc.com/analysis/xrp/xrp-price-symmetrical-triangle/
Text source: NewsBTC
