XRP Poised for Explosive Growth: Eyes $5.40 After Golden Retrace at $2.90
Despite recent market volatility that saw Bitcoin struggle, XRP has demonstrated remarkable resilience, holding steady around the crucial $2.90 mark. This stability, coupled with a significant technical pattern breakout, is fueling analyst predictions of a parabolic surge, potentially propelling the cryptocurrency toward the $5.40 range in its next major upward move.
XRP Breaks Out of Multi-Year Triangle Pattern
Crypto analyst Captain Redbeard highlights a pivotal development in XRP's price action: a confirmed breakout from a massive multi-year triangle formation. This long-term consolidation, which has been developing since the last bull cycle, bears a striking resemblance to the setup observed in 2017, just before XRP's historic rally to an all-time high of $3.40 in 2018. Such a breakout from prolonged compression typically indicates that years of sideways movement have built sufficient energy for a powerful directional shift, suggesting a substantial bullish impulse is on the horizon.
Golden Retrace and Ambitious Wave 3 Targets
Further bolstering the bullish outlook, analyst CasiTrades points to XRP's robust support around the $2.90-$2.91 level, which perfectly aligns with the 0.618 Fibonacci retracement, often referred to as the "Golden Retracement." In Elliott Wave theory, this zone frequently serves as a strong support for a corrective Wave 2 before a much more forceful Wave 3 ascent. The immediate confirmation point for this bullish structure is identified at $3.12. A decisive move above this level would validate the upward trajectory, setting the stage for subsequent targets. Projections indicate the next significant resistance at $4.48, with the ultimate Wave 3 price target reaching an ambitious $5.40. Currently trading at $3.02, up 3.4% in the last 24 hours, XRP appears to be gaining momentum as it prepares for what could be a significant price expansion.
