After breaching key resistance, XRP showed a strong bullish breakout. An analyst suggests this is a breakout from the symmetrical triangle that started in 2018.
XRP Symmetrical Triangle Breakout
The symmetrical triangle pattern developed over an extended period. The price showed lower highs and higher lows, forming a narrowing range. The recent breakout above the triangle confirms a strong bullish trend.
Role of Fibonacci Levels in Analysis
Fibonacci extension levels indicate potential price targets. The initial key target is the 1.272 level at $6.0899. The 1.414 level at $9.2218 presents a new milestone. The 1.618 level at $16.7377 serves as a long-term target if bullish momentum persists.
Long-Term Prospects for XRP
Historical price movements demonstrate that long-term consolidations often lead to substantial gains. Holding above the 1.0 Fibonacci level at $2.7506 may confirm further upward movement.
XRP's breakout from the symmetrical triangle suggests significant growth opportunities with potential price targets supported by Fibonacci analysis.
