Ripple (XRP) breaks out from 6-year bullish chart pattern

Ripple (XRP) breaks out from 6-year bullish chart pattern

Table of Contents

When $XRP formed a top very early in January 2018, a strong community who held the $XRP tokens were probably euphoric. Six years later, with the price having gone down and down, $XRP has finally broken out of a 6-year chart pattern. Will $XRP now explode? How far can it go?

$XRP has lagged in crypto gains

$XRP holders have not had a great time so far in this crypto bull market. While other cryptocurrencies have made huge percentage gains, $XRP has lagged behind most, only up 130% since early January 2023.

Breakout or fakeout?

Source: Coingecko/Trading View

Things look to have changed though on Monday. The price has just broken out, and this can be seen on the shorter time frame charts. At time of going to press, the price has broken out, and looks to be coming back to either confirm the breakout, or to return inside the triangle in what is commonly known as a fakeout. Even if this is a fakeout, the price does look as though it is very likely to break out sooner rather than later.

A triangle of massive proportions

Source: Coingecko/Trading View

Zooming right out on the weekly time frame, it can be appreciated just how massive the triangle is that $XRP is within. The triangle can also be drawn as an ascending triangle, which is generally bearish. Although a break to the upside makes it doubly bullish.

It is quite rare for a triangle of this size to go right to the very end, so Monday’s breakout does appear to be legitimate. Targets for the $XRP price look to be at $0.87, $2.00, $3.28, and $5.28. 

If these targets play out then it would appear that $XRP’s time in the sun may have arrived. Hang on tight, things are likely to get extremely heated.

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

Investment Disclaimer
Related Topics: 

You may like