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XRP breakout alert: Analyst targets $6 amid consolidation

XRP breakout alert: Analyst targets $6 amid consolidation

Although XRP, along with the majority of the cryptocurrency market, is currently consolidating the massive gains triggered by the positive outcome of the court standoff between Ripple and the United States Securities and Exchange Commission (SEC), one expert has identified a breakout possibility.

Specifically, the XRP token seems to be playing out the chart that crypto analyst CoinsKid posted one year ago – in July 2022, when he observed a bullish reversal chart pattern and a corrective phase shown as five waves (a C-wave pattern), as he detailed in a video on his YouTube channel streamed on July 21.

XRP price action analysis and prediction. Source: CoinsKid

Mirroring movements

According to the expert, XRP mimicking this movement indicates that it is currently breaking out from a broadening descending wedge, with technical analysis (TA) suggesting it could be on the verge of a significant upward move, perhaps even reaching a new all-time high (ATH).

“We’re sort of mirroring what we’ve done before. We’ve got the big bear market, the impulsive wave one, corrected wave two, impulsive wave three, four, five, and so forth. (…) So far, so good.”

Having said that, he also noted that the cryptocurrency needed to surpass several resistance levels to validate its bullish movement, starting with the already overtaken $0.5435 mark, followed by the levels at $0.91 and $1.28, respectively.

Furthermore, if successful in holding this structural support and breaking through resistance, CoinsKid believes that XRP could reach the target of $6, with the $1.60-$1.80 Fibonacci extension being the minimum expected target, and suggesting a significant bullish surge for XRP.

XRP price analysis

Presently, XRP is changing hands at the price of $0.78, suggesting a decline of 4.37% in the last 24 hours, as well as a loss of 2.38% over the previous seven days but still hanging onto the significant gain of 57.09% it accumulated in the last month.

XRP 30-day price chart. Source: Finbold

On the whole, this asset could, indeed, meet the above analyst’s expectations. However, its success will depend on other developments around Ripple and the XRP ecosystem, as well as the general atmosphere on the crypto and macroeconomic stage.

Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.

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