XRP repeats 2017 breakout pattern, aiming for a 2.618 Fib target near $123.
Analysts track pennant breakout and rising volume as XRP trades above $2.41.
Fibonacci cycles suggest XRP could rise to $4.85, $6.22, $27, or even over $120.
XRP is trading around $2.41, showing strength after rebounding from recent lows. Analysts are now focusing on a key historical pattern. In 2017, XRP broke out from a pennant formation and surged beyond its 2.618 Fibonacci extension at $2.1331. A similar breakout occurred in late 2024, potentially setting the stage for a much larger move.
XRP Repeats 2017 Pennant Breakout Pattern
According to analysis prepared by Javon Marks on X, XRP completed a breakout in late 2024 that closely resembles its 2017 price structure. The previous breakout led to a move beyond the 2.618 Fibonacci extension near $2.13, which set off a large rally. Analysts suggest this setup has returned with stronger potential.
https://twitter.com/JavonTM1/status/1920489820968657307
A larger pennant structure formed from early 2023 through late 2024, with the breakout confirmed on high volume. XRP’s price rebounded from a recent low of $2.07 and now holds above the daily 50-moving average. According to an observation by analyst Ali on X, “If XRP breaks through the $2.26 resistance, it could trigger a bullish breakout toward $2.60.”
If XRP repeats the move from its previous Fibonacci-based rally, the 2.618 extension would project a target near $123. This projection represents a more than 50x increase from the current price of $2.41.
Historical Cycles and Fibonacci Analysis Support Long-Term Rally
Market observer EGRAG Crypto mapped five XRP rallies since 2013, using color-coded patterns. These ranged from 932% to 9,468% in previous cycles. Based on similar growth from the $0.2870 cycle low in 2022, projections indicate price levels of $4.85, $6.22, $7.68, and even $27.
A final target above $120 could be possible if the 2024 breakout repeats the full 2017 structure. Supporting this view, Ichimoku Cloud analysis from Dr. Cat on X shows that XRP must clear resistance near 5200 satoshis to continue its upward momentum. Market volume has surged 120% in 24 hours, further reinforcing this outlook.
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