XRP price is breaking out of a symmetrical triangle pattern, which is why the target is $8

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This article is also available in Spanish.

AND modern bullish target for the XRP price was set up because the cryptocurrency analyst announced a recent breakout from the Symmetrical Triangle formation. The analyst does common chart showing XRP price action over a 3-day time horizon, highlighting key resistance levels that could lend a hand push the cryptocurrency towards its bullish target of $8.

A symmetrical triangle pushing the price of XRP to $8

According to a TradingView cryptocurrency analyst identified by the pseudonym “PlaceUrBetsPlease,” “ XRP price is breaking out from the Symmetrical Triangle pattern, suggesting growth dynamics. AND Symmetrical triangle is a chart pattern that signals a period of consolidation, showing no clear signs of a bullish or bearish trend.

Source: TradingView

The analyst highlighted key resistance and support levels on your chart, forecasting a modern ATH target for the XRP price. He emphasized that the cryptocurrency has maintained its price above the weekly support area of ​​$2.21, which is a critical level strengthening its bullish position.

Currently, XRP is set at retest the modern resistance level at $2.35, which the analyst believes is required to trigger another cryptocurrency rally. TradingView market expert also revealed that after XRP Breakout from the Symmetric Triangle the next move will be a huge price raise to $8.

The analyst’s projection follows Fibonacci extension levels, a technical tool used to predict potential price targets during an uptrend. In the chart provided, he suggested that the price levels at $4 (1.272 Fib), $6 (2.618 Fib), and $7 (3.618 Fib) will serve as potential resistance areas for XRP to overcome and achieved the modern ATH goal from $8. This bullish target corresponds to the Fibonacci extension level of 4.236, which represents a 1,500% upside from the initial breakout point.

Notably, the TradingView expert revealed that his $8 XRP price target projection coincides with the historical percentage gains seen during previous rallies. The analyst also notes that XRP’s previous ATH above the $3.32 level, as indicated by the price chart, is within reach. Cryptocurrency has achieved its goal an all-time high of $3.84 during the 2018 bull market, marking one of the most exponential price increases since its inception.

Expect pullbacks along the way

While the TradingView analyst remains significantly bullish XRP Price Outlookit also warns against potential pullbacks and market volatility. Warns that investors and traders should be prepared for possible 10%, 20% and 30% price reversal as XRP approaches its projected target.

While these corrections may delay the XRP price to rise to $8, the analyst assured that pullbacks are expected in the cryptocurrency market, especially during forceful uptrends. Based on CoinMarketCap data, the price of XRP is currently $2.45, which means the cryptocurrency would need to raise by approximately 233% to reach an ATH of $8.

XRP price chart from Tradingview.com
XRP fights bear pressure | Source: XRPUSDT on Tradingview.com

Featured image created with Dall.E, chart from Tradingview.com

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