Ripple’s XRP showcases a historic breakout, signaling a potential rally to $3.80 before year-end.
XRP Marks 7-Year Price Breakout
XRP has broken a seven-year trend, reaching its highest weekly candle close at $2.60. This marks the token’s first significant higher high since January 2018.
“The Most Powerful Chart in Crypto”
Veteran trader Peter Brandt described the chart as “the most powerful chart in all of crypto.” He highlighted the breakout above a multimonth symmetrical triangle, with the token’s value nearing its all-time high of $3.40.
Short-Term Key Resistance Levels
Independent trader Dom noted that flipping the $2.67 resistance level is crucial for trend continuation. Dom emphasized that maintaining this level as support would confirm bullish momentum.
Contrasting Views on XRP’s Rally
Rajat Soni, a personal finance expert, expressed skepticism, labeling XRP’s price surge a “pump and dump.” He suggested the recent rally appeared manipulated and unnatural.
XRP’s Bullish Pennant Formation
XRP’s 4-hour chart exhibits a bullish pennant, mirroring patterns that previously propelled the token to new Fibonacci extension levels. These patterns indicate the potential for XRP to reach $3.80, its immediate target.
Aiming for New All-Time Highs
Technical analysis supports XRP’s strong breakout potential. If current patterns persist, the token may surpass its previous highs, establishing new milestones in the crypto market.
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