- XRP’s breakout from an ascending triangle could push prices to $8–$13 range.
- Legal clarity and SEC leadership change may fuel XRP’s growth potential.
- Technical chart suggests upward momentum, with potential for $14–$15 in the long run.
XRP’s price has recently been under the spotlight due to a promising technical setup identified by crypto analysts. EGRAG CRYPTO’s analysis on the XRP Unicorn chart points toward a significant breakout potential. The chart suggests a clear upward trajectory, with price targets reaching as high as $8 to $13, but there’s more to this analysis than meets the eye.
Ascending Triangle Breakout and Bullish Pennant
The first crucial sign in the chart analysis is the breakout from an ascending triangle pattern. A breakout to the upside from this formation could signal that the bullish trend is in full motion.
EGRAG CRYPTO notes that this breakout could push XRP’s price between $3.7 and $4.2. Additionally, XRP has a tendency to overshoot its target by 10-15%, making this move even more exciting for traders. The breakout would likely confirm that a bullish pennant is forming, leading to further upward momentum.
However, the market can be unpredictable. The statistical probabilities show that there’s a 60-70% chance for an upward breakout, while a downward move is less likely at 30-40%. Therefore, traders should be prepared for potential volatility, but the outlook remains predominantly positive.
Path to $8-$13: Target Range to Watch
If the upward breakout materializes, the next step is for XRP to achieve the measured move from $3.7 to $4.2. This could validate the bullish pennant pattern and pave the way for a much higher price range.
EGRAG CRYPTO highlights that this could bring XRP into the $8-$13 range. For investors, this range could be the ideal point to consider taking profits. It’s always wise to employ a Dollar-Cost Averaging (DCA) strategy to mitigate risk while maximizing returns.
Furthermore, the potential for a 10-15% variation above the $13 mark cannot be ignored. Analysts believe XRP could even reach $14-$15 in the long run. The community is abuzz with optimism, and many believe the best is yet to come.
As at press time, XRP is priced at $2.42, with a 24-hour trading volume of $6.09 billion. The cryptocurrency has gained 1.03% in the past 24 hours.
Ripple’s Legal Landscape and Market Factors
XRP’s future isn’t solely dependent on technical charts. External factors also play a significant role in the price trajectory. Notably, the ongoing legal battle between Ripple and the SEC remains a key event to watch.
If the leadership change at the SEC materializes as expected, with Gary Gensler stepping down and Paul Atkins taking over, it could mark a turning point for XRP. Many experts predict that the Ripple Vs SEC case could be dismissed, giving Ripple the legal clarity it needs to thrive.
Additionally, the crypto market may benefit from a more crypto-friendly administration under former President Trump. With Trump’s vocal support for the industry, the sector could experience regulatory reforms that would help projects like XRP gain traction.
