XRP's Bullish Outlook Suggests Potential Breakout

According to Cointelegraph, XRP's macro outlook remains optimistic, with technical analyses indicating a potential cycle peak above $20. The cryptocurrency's price action is currently consolidating within a symmetrical triangle on the daily chart, hinting at a possible bullish breakout targeting $4. Despite a recent 22% decline to $2.72 from its multi-year high of $3.66 on July 18, XRP has rebounded to approximately $3. Analyst XForceGlobal suggests that XRP's primary cycle target remains at $20, despite facing significant resistance around the $4 psychological level. The analyst outlines two potential scenarios for XRP's price movement. In the first scenario, the recent pullback mirrors past cycles, where the price drops to establish new distribution levels before a significant breakout. Following a nearly 50% pullback from January 16 highs at $3.40, the price has recovered to retest $3.66, indicating another distribution phase before a strong upward move. In the second scenario, XRP's distribution phase will continue, completing the flat period between Wave 1 and 2, before initiating a substantial Wave 3 to the upside. XForceGlobal believes these scenarios have the highest probability of occurrence, suggesting a larger upward move is imminent, with no signals indicating a significant sell-off. The target for XRP's price is projected between $19 and $30 based on these scenarios. Currently, XRP is trading within a symmetrical triangle on the daily candle chart. A daily candlestick close above the triangle's upper boundary at $3 is necessary to confirm a bullish breakout. Beyond this, the next major resistance is the eight-year high at $3.66, which must be surpassed to maintain the upward trajectory. The measured target of the triangle is $4, representing a 34% increase from current levels. Veteran trader Matthew Dixon supports the symmetrical triangle interpretation, suggesting it is part of a distribution phase between Waves 3 and 4 before a larger Wave 5 move toward $4. Multiple technical charts indicate a potential XRP breakout in the short term, with targets ranging from $4.40 to $6. Readers are reminded that this article does not provide investment advice, and all trading decisions should be made based on individual research and risk assessment.