$XRP Triangle Compression Target $20—Are Bulls Ready to Break Out? 🐂💥
XRP rose 25% this week to $3.30, a multi-year record, and surpassed $190 billion in market value.
ProShares Ultra XRP ETF, the first ETF related to XRP trading on a major U.S. exchange, launched on July 18 during impressive growth.
The current price of XRP is $3.25, which is 15% below its record of $3.84 in January 2018.
The rise has led to open interest in perpetual futures reaching a record $8.8 billion, or approximately 2.9 billion XRP in margin contracts.
The history of XRP's utility received official confirmation when California Governor Gavin Newsom announced the California Breakthrough Project at Ripple's headquarters.
Technical studies show that XRP has completed a massive seven-year symmetrical triangle pattern, with Fibonacci targets predicting a range of $4.90-$6.50.
Channel Breakout Targets $4.90–$6.50 Extension
The latest breakout on the daily XRP chart marked a paradigm shift from a bearish, descending channel to a bullish, ascending structure.
Since the cryptocurrency hit lows in April, it has risen 135%, breaching resistance levels around $2.80-$3.10.
After breaking through the channel, Fibonacci extension analysis shows bullish prospects.
The next significant targets are the 2.618 extension at $4.70, the 3.618 level at $5.77, and the 4.236 extension at $6.48.
Volume confirmation during the breakout indicates massive institutional interest.
RSI values above 80 indicate overbought conditions; however, parabolic movements maintain momentum for extended periods.
Technical expert X places the weekly XRP breakout inside a large symmetrical triangle pattern that has been forming since the 2018 peak.
The XRP consolidation structure over seven years through multiple market cycles seems to be completed at $3.15.
Based on the 2017-2018 cycle, historical Fibonacci analysis shows that XRP could reach $22.00 by August 1.
The last big wave formed Fibonacci ratios that could push the cycle above $20-23.
The completion of the pattern after seven years of consolidation strengthens the technical momentum.
