XRP has soared past the crucial $2.60 resistance level, drawing major attention from traders and long-term investors alike. This sharp move is no coincidence – the altcoin has just broken out of a long-standing symmetrical triangle pattern that had held since February. Could this be the start of a new bullish phase?
📈 XRP Breaks Free From Years of Consolidation – Target: $6?
Crypto analyst Ali Martinez pointed out on social platform X that XRP had finally broken out of a symmetrical triangle dating all the way back to 2018. According to classical charting theory, this kind of breakout could propel XRP toward a target of $16.17, which would push its market cap close to $1 trillion. While this might seem overly ambitious, a more realistic short-term target could be around $6.
On the daily chart, XRP recently broke out of a range stretching from $1.61 to $3.40, with its current price sitting above the $2.65 mark – a level that had previously acted as strong resistance since March.
📊 Technical Indicators Confirm Market Strength
✔️ The Chaikin Money Flow (CMF) indicator climbed to +0.05, signaling a strong inflow of capital into XRP.
✔️ The MACD also shows increasing bullish momentum, supporting the case for further upward movement.
The overall market structure on both daily and weekly timeframes suggests favorable conditions for continued growth. If XRP holds above $2.60, we could soon see it aim for $3.00 to $3.30.
⚠️ But Watch Out – $70 Million XRP Transfer to Coinbase
Despite the strong technical outlook, a large transaction of approximately $70 million in XRP was recently recorded moving to Coinbase. This could serve as a red flag – someone might be preparing to take profits after the surge.
For investors, it’s crucial to watch whether XRP can maintain its current levels or if sell pressure will intensify. A retest of the $2.60 support zone may prove pivotal – if buyers step in again, the bullish scenario remains firmly on the table.
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