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XRP $XRP price has broken out of the $3.50 resistance, confirming a bull flag breakout with a $15 target on the weekly chart.
Key Notes
XRP price has eventually breached a $3.50 trendline from Q4, 2024.
Traders are now looking forward to further gains in the coming weeks, potentially reaching up to $15.
Three technical chart setups showed that a rally to $6 is imminent for XRP in the short term.
Ripple-associated XRP hinted at a more massive price recovery after its recent breakout from a long season of sideways trading. Since the end of 2024, the price of the coin has been restrained by a key trendline, but that is no longer the case. XRP successfully broke out of this price level, rekindling investors’ confidence in the cryptocurrency’s prospects.
XRP Key Metrics Fluctuate Sideways
On July 23, XRP price breached the $3.50 resistance level, with many key technical indicators looking promising. For a long time, this trendline was part of a bull flag pattern, typically associated with trend continuation. Now that the XRP price has broken past the $3.50 level, it is likely to gain more in the coming weeks.
With such optimism, traders are looking forward to a $15 price level for the Ripple-associated cryptocurrency. Popular crypto analyst Ali Martinez took to X to display a chart showing the breakout. He highlighted the possibility of a move toward $ 15.
Furthermore, he pointed out key resistance areas at $4.17, $4.63, and $5.01, based on earlier Fibonacci levels. Short-term dips may occur, but this is unlikely to alter the pattern unless the price breaks below the previously conquered support level. Recently, three technical chart setups showed that a rally to $6 is imminent for XRP.
