Despite a recent price dip to $2.72, XRP remains on track for a significant rally according to key analysts. Technical indicators suggest the token is poised for a breakout above the $4 psychological level and reach its $20 target, potentially signaling another bull run. 📈
XRP’s current consolidation within a symmetrical triangle pattern on the daily chart hints at an upcoming price surge. Analysts believe this phase of consolidation could be a preparation for a more robust move towards the $20 target. The recent dip to $2.72 from its multi-year high of $3.66 offers potential for further gains in the short term.
XForceGlobal, a prominent pseudonymous analyst, maintains that a sustained bullish outlook for XRP remains intact despite the recent price pullback. Two primary scenarios are being considered: either the price retracement mirrors past cycles by establishing new distribution levels before launching into a major breakout or the current phase of distribution will complete a corrective wave and set the stage for a powerful surge in the coming weeks.
The symmetrical triangle pattern, as seen on daily charts, could signal a breakout towards $4 resistance. Closing above the upper boundary of the pattern at $3 would be key to confirming this bullish momentum. If successful, this will pave the way for another bull run to levels of $3.66 – an eight-year high – representing a significant breakthrough and a positive sign for further gains.
Veteran trader Matthew Dixon highlights that this period of consolidation aligns with typical distribution phases between market waves, potentially signaling a major move towards the $4 target. Technical charts also offer strong support for this prediction, suggesting short-term XRP price targets ranging from $4.40 to $6.
**Disclaimer:** This content should not be interpreted as investment advice. Cryptocurrency trading carries inherent risks. Readers are advised to conduct their own thorough research before making any financial decisions.**