XRP broke a 6-year consolidation, setting strong support near $2.33 and targeting $5 to $36 using Elliott Wave theory.
Wave (3) momentum pushed XRP past $3.70, with Fibonacci levels signaling further gains above $18 and beyond.
Long-term breakout signals a new bull cycle fueled by growing adoption and volume, extending XRP’s rally through 2029.
The recent breakout of XRP from a multi-year symmetrical triangle signals the start of a major bullish phase, supported by strong volume and robust price action. Observers project significant upward momentum, with targets ranging from $5 to over $36, driven by Elliott Wave patterns, Fibonacci extensions, and historical market dynamics.
Technical Overview of XRP’s Breakout
The $XRP chart displays a symmetrical triangle from 2017 to 2023. The formation reveals extended consolidation and then a definite breakout in early 2024. Price action and volume spikes validate buyer control.
Bullish analyst Dark Defender above has presented a detailed analysis of XRP’s long-term Elliott Wave structure. According to him, the breakout marks the start of Wave (1), moving XRP from $0.40 to nearly $2.00.
Source: Post on X
He explains that Wave (3) surged past key Fibonacci extensions, pushing XRP above $3.70, with a target near $5.86. His insights highlight a strong impulse wave structure driving the price upward.
Additionally, the corrective Wave (4) is anticipated but not yet precisely defined, maintaining the bullish trajectory. Projected Wave (5) could extend XRP beyond $18.22, with further Fibonacci-based targets over $26 and $36. This analysis aligns with observed price support and resistance interactions, confirming technical validity.
Comparative Insight from Market Analyst
A bull's stance is taken by another analyst, X Finance Bull, who emphasizes the historical significance of XRP's breakout. His analysis compares the current rally to the 2016–2018 speculative run, where XRP climbed from $0.006 to over $3.
The analyst notes that long-term horizontal resistance broke in 2024, flipping prior ceilings into strong supports. This breakout sets the stage for a mass adoption rally, forecasting potential targets above $100.
Source: Post on X
Moreover, the consolidation pattern post-breakout mimics earlier structures, reinforcing sustained upward momentum. Taking this idea to the next level uncovers XRP’s readiness for a new bull cycle, extending well into 2028 and beyond.
Support and Resistance Dynamics
XRP’s price currently trades above critical resistance levels near $2.33, validated by strong volume and price consolidation. Historical resistance at $0.92 and $1.38 now act as support zones, underpinning price strength.
It’s crucial to acknowledge the symmetrical triangle’s apex in 2023, marking a volatility squeeze and breakout catalyst. Fibonacci extensions underpin target projections, which align with Elliott Wave endpoints.
Moreover, price behavior during pullbacks respects these technical zones, signaling sustained buyer interest. A further upside to consider is the potential to surpass multi-year highs, driven by institutional adoption and liquidity inflows.
Final Outlook and Analyst Sentiment
Analysts agree that XRP’s breakout confirms a bullish market phase supported by technical and volume indicators. The expert view suggests Wave (3) and Wave (5) targets could bring XRP well beyond current price levels. It’s equally important to recognize ongoing consolidation as a healthy trend continuation. Yet, there’s more to address before concluding, especially regarding broader market factors.
Overall, analysts forecast XRP set for long-term growth over the next few years, with ranges from $5 to $18 and higher. The combined Elliott Wave and Fibonacci study gives a very bullish road map through 2029.
The post XRP Breaks Multi-Year Triangle: Elliott Wave Signals Bull Run Targeting $36+ appears on Crypto Front News. Visit our website to read more interesting articles about cryptocurrency, blockchain technology, and digital assets.
