XRP price surged by 24%, breaking through a 7-year triangle pattern - next target: from $6.48 to $22.
XRP's value increased by an astonishing 24% this week, reaching a multi-year high of $3.27, pushing its market cap above $190 billion for the first time.
The massive surge coincided with the listing of the ProShares Ultra XRP ETF on the New York Stock Exchange on July 18, becoming the first XRP-linked fund traded on a major U.S. exchange.
XRP is currently trading at $3.25, just 15% below its all-time high of $3.84 recorded in January 2018.
Notably, open interest in perpetual futures reached a record high of $8.8 billion during the surge, representing nearly 2.9 billion XRP in leveraged contracts.
Similarly, California Governor Gavin Newsom launched the California Breakthrough project at Ripple's headquarters, adding governmental credibility to the utility of XRP.
Technical analysis shows that XRP has completed a 7-year symmetrical triangle pattern, with Fibonacci targets indicating a short-term range between $4.70 - $6.48.
The historical cycle analysis indicates that the price is likely to move towards $22-23.
The channel breakout target is $4.70-6.48.
The daily chart for XRP shows a transition from a descending channel to an ascending structure, with the recent breakout representing a significant change in the pattern.
The cryptocurrency has risen by 126% since its April lows, breaking previous resistance around $2.50-3.00.
Source: TradingView
Fibonacci extension analysis provides a clear bullish target following the channel breakout.
There is immediate resistance at the $1.618 level around $3.64, which XRP is currently testing.
The 2.618 extension at $4.70 is the next main target, followed by the 3.618 extension at $5.77 and the 4.236 extension at $6.48.
The volume confirmation during the breakout also shows strong institutional interest driving this move.
Moreover, the RSI above 80 indicates overbought conditions, but equivalent moves typically maintain high momentum for extended periods.
The 7-year triangle completed towards a target of $22.
According to a technical analyst on X, the weekly chart for XRP shows that the current breakout is within a large symmetrical triangle pattern that has been developing since the 2018 high.
XRP, currently at $3.15, appears to be completing a seven-year consolidation structure that has spanned multiple market cycles.
The convergence of the triangle near the current timeframe makes this breakout particularly significant.
Historical Fibonacci analyses suggest that XRP could reach $22.70 by August 1, based on similar mathematical relationships that characterized the 2017-2018 cycle.
The previous major wave established a Fibonacci ratio that could drive the current cycle towards the $22-23 range.
The completion of the pattern after seven years of consolidation would create strong technical momentum.
The current support range at $2.50-3.00 represents a triangle breakout area that could continue for further upward movement towards higher Fibonacci retracement levels.$XRP $SOL $BNB
