XRP continues to attract attention across the cryptocurrency market as new technical analysis indicates a strong possibility that this token will reach the $20 mark. According to a post shared by cryptocurrency market analyst @amonbuy on X, XRP is repeating a major bullish pattern that has triggered a strong price increase.
XRP forms a structure similar to what we have seen in previous cycles, where related price patterns follow the rules of Elliott Wave. As we can see, XRP is on Wave (5) in the Elliott Wave theory and is known for its strong increases.
In the past, this Wave has led to rapid growth for XRP, taking it from a stable state to a bullish one. Bullish implications have returned as this pattern is forming again.
Technical analysis has shown key resistance areas at $3.36, which XRP is currently considering. Then, the analysis indicates potential price targets of $8.44 and $27.23. These price levels have been seen before when XRP broke out of triangle patterns, indicating significant growth opportunities.
According to the chart, XRP has followed an ascending triangle pattern for several years. Each time before we see this structure, there has been a major price breakout. The token is currently moving above the 0.382 retracement level, receiving support near $1.46 and showing signs of continued upward movement.
Fibonacci Levels and Market Sentiment Align with Bullish Outlook
Expert analysis also notes that increasing volume patterns often precede major price movements. This volume trend and consistent structural support further reinforce the bullish thesis for XRP.
The breakout scenario aligns with a larger shift in market sentiment, as XRP is regaining its growth momentum after an extended consolidation phase.
Further analysis shows that in recent months, the price of XRP has followed the same trajectory as the previous bullish run, rapidly increasing from below $0.01 to over $3.00. The similarity in price action and structure fuels optimism among traders, many of whom believe this setup is too good to overlook.
Everything indicates in @amonbuy's analysis that the current market trend does not prevent XRP from reaching the $20 target. His chart highlights the previous direction, Fibonacci support, and investor sentiment to suggest that an increase for XRP may be starting.
Experts are considering the technical outlook for XRP after predicting that the price could rise above $20. Analysts are closely monitoring XRP as this coin goes through a crucial stage in its market lifecycle due to heightened attention and clearly defined chart patterns.