XRP Price Eyes Breakout Amid Resistance Challenges

According to Cointelegraph, XRP is attempting to close a daily candle above its descending resistance trendline, which has previously limited the altcoin's price movement. A successful break above this trendline and the resistance range between $2.48 and $2.60 could signal a bullish breakout, potentially pushing the price above $2.72. Market analysts are optimistic about XRP's potential for a significant breakout in the coming weeks, although timing remains crucial. Veteran trader Peter Brandt recently highlighted on social media that XRP's half-mast flag pattern on the weekly chart could complete within the next six weeks. This pattern, which is neutral, can lead to either a bullish or bearish outcome. Brandt suggests that if the pattern completes bullishly, XRP's market cap could reach $500 billion, translating to a 262% gain or a price target of $6.40. However, he cautions that the pattern needs to progress soon to avoid transforming into a different formation. Another crypto trader, Mikybull, also sees an imminent breakout for XRP, noting a bull flag pattern on the 1-day chart. Using Fibonacci extension lines, Mikybull sets an immediate target of $3.74, with a long-term target as high as $15, representing a 514% increase from the current value. For XRP to achieve these bullish targets, it must first overcome the resistance range between $2.48 and $2.60, which has capped the price action multiple times. Despite the potential for a rally, Brandt's warning about a possible breakdown should be considered if the resistance persists. Dom, an order flows market analyst, notes that XRP has been in a mid-range for six weeks, with a point of control around $2.45 based on the Volume Weighted Average Price (VWAP) metric. He suggests that a daily close above $2.45 is crucial for breaking the $2.60 target, which would then bring the higher price targets of $3.74 and $6.40 into focus over the coming weeks. This article is for informational purposes only and does not constitute legal or investment advice. The views expressed are those of the authors and do not necessarily reflect the opinions of Cointelegraph.