XRP Shows Rare Chart Pattern: Is the Price Rising to 8 Dollars?

After months of sideways movement, the Ripple (XRP) price seems to be preparing for a new breakout. According to a technical analysis by Investing Scope, the chart shows striking similarities to the development leading up to the historical bull rally of 2017. The big question: Is XRP facing a new explosive rise towards 8 dollars?

Technical Pattern Reminds of 2017

The XRP price briefly fell towards 2 dollars in early June but has since recovered to 2.23 dollars. According to analysts from Investing Scope, this movement could mark a turning point. On the monthly chart, a so-called symmetrical triangle has been broken. This is a price pattern where the price moves in an ever-narrowing range until a breakout occurs. Such patterns are often seen as an indication of a trend reversal.

A similar pattern emerged between 2014 and 2017. After a long period of consolidation, a strong upward movement followed at that time, peaking just above the 1.382 Fibonacci level. This level is often regarded in technical analysis as a potential price target after a breakout.

Even now, XRP seems to be in a similar phase. The price is currently around the 1.0 Fibonacci level, just like back then shortly before the rise towards the 1.382 level. Based on this, analysts see room for a movement to significantly higher levels, possibly towards 8 dollars.