Analyst Charting Guy has made a bold prediction regarding XRP’s potential price trajectory.
Moreover, he highlighted a breakout pattern that aligns with XRP’s 2017 performance, suggesting a potential meteoric rise. Through a detailed tweet, they outlined projected price targets, referencing fractal behavior and Bitcoin’s ongoing price discovery as catalysts.
What you'll learn 👉
XRP Breaks Long-Term Wedge Pattern
The chart shared by the analyst shows XRP breaking out of a wedge pattern that has defined its price movement since late 2017. This structure, characterized by narrowing price action, has culminated in a breakout in late 2024.
Historically, similar patterns have preceded rapid upward price movements.
Key support levels during this period included $0.25 and $0.50, with the upper boundary acting as resistance at around $0.80 to $1.00. Following the breakout, XRP has surged, trading near $2.33. This marks the onset of what could be a parabolic phase, mirroring XRP’s explosive rise during its previous bull run.
The tweet emphasizes the importance of Bitcoin’s November 2024 move into genuine price discovery, which appears to have set the stage for XRP and other altcoins to gain momentum.
Read also: Why Is Avalanche (AVAX) Price Doubling? Key Chart Analysis Revealed
Price Targets Reflect Historical Fractal Behavior
The analyst predicts XRP could reach $8 by January 2025 if it continues to follow the fractal pattern observed in 2017. This projection aligns with historical price movements, where XRP experienced rapid surges over short periods after breaking similar patterns.
Looking further ahead, the 1.618 Fibonacci extension suggests a target of $26 by Q4 2025. This extension is often used in technical analysis to predict potential price peaks during bullish market cycles. The timeline suggests that after hitting $8, XRP may undergo a prolonged consolidation phase before resuming its upward trajectory.
The breakout aligns with Bitcoin’s entry into price discovery, a critical condition noted in the tweet. Historically, XRP has lagged behind Bitcoin’s movements but tends to rally strongly during alt seasons driven by market-wide euphoria.
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