XRP continues to gain attention across the crypto market as fresh technical analysis points to a strong possibility of the token reaching the $20 mark. According to a post shared by crypto market analyst @amonbuy on X, XRP is repeating a major bullish pattern that triggered a massive price rally.
XRP forms a structure similar to what we saw in earlier cycles, where associated price patterns followed Elliott Wave rules. As we can see, XRP is on Wave (5) in the Elliott Wave theory and is known for its dramatic rises.
In the past, this Wave led to speedy growth for XRP, moving it from stability to a rise. Bullish implications are back as this pattern is forming again.
Technical analysis has shown key resistance areas at $3.36, which XPR is currently examining. Afterward, the analysis reveals potential targets for the price at $8.44 and $27.23. These price levels were seen previously when XRP escaped triangular patterns and indicated the chance for meaningful growth.
According to the chart, XRP has followed an ascending triangle pattern for several years. Each previous time we’ve seen this structure, there has been a major price breakout. The token is now moving above the 0.382 retracement level, getting support near $1.46, and showing signs of continuing upward.
( Source : CoinMarketCap)