#NewHighOfProfitableBTCWallets Analyst: The "distribution" phase of XRP does not change the price target of 20 dollars

XRP analysts remain confident in a bullish continuation with short-term targets around 4 and 20 dollars for the cycle highs.

Analyst: The "distribution" phase of XRP does not change the price target of 20 dollars

Altcoin in detail

Key points:

The macroeconomic outlook for XRP remains bullish: there are technical scenarios projecting a cyclical high above 20 dollars, according to an analyst.

The symmetrical triangle of XRP points to a possible bullish breakout with a target of 4 dollars.

The price of XRP

XRP

2.55 €

dropped 22% to 2.72 dollars from its multi-year high of 3.66 dollars reached on July 18, before recovering to current levels around 3 dollars.

Has the altcoin finally reached its peak or is a stronger rally on the horizon?

The macroeconomic outlook for XRP remains "bullish"

The price evolution of XRP reveals consolidation within a symmetrical triangle on the daily chart, suggesting that the altcoin could be preparing for another bullish push, according to analyst XForceGlobal.

The price of XRP at "20 dollars remains the primary target of the cycle," stated the pseudonymous analyst in a post on X on Wednesday.

Although the price continues to face strong resistance around the psychological level of 4 dollars, "this does not alter the overall bullish outlook on the macro," stated the analyst, adding that XRP could now follow two possible scenarios.

In the first scenario, the recent pullback is similar to those observed in previous cycles, where the price falls to create new distribution levels before a major breakout.