XRP has entered a new phase after breaking out of its extended trading range, with analysts targeting $5 as a significant next milestone.
Breaking Out of Consolidation
For much of this year, XRP's price was confined to a horizontal range with support at approximately $2.00 and resistance around $2.90. XRP experienced a 'fake out,' a brief spike above resistance that quickly reversed. Although this temporarily dampened bullish momentum, the overall structure remained stable. Eventually, XRP decisively broke above the upper boundary, signaling the breakout traders had been waiting for.
Current Price Action
As of the report time, XRP is trading near $2.91, consistent with the level displayed on the chart. This area, once a strong resistance ceiling, has now become a crucial level to monitor. If XRP can maintain this area as support, it would validate the breakout and lay the groundwork for the next upward movement. The sequence of events—extended consolidation, a fake out, and a clean breakout—aligns with a classic technical pattern.
Targeting $5
According to STEPH IS CRYPTO, the next major objective for XRP is $5, based on the measured move from the width of the previous consolidation zone. By breaking through $2.90, XRP has cleared the path into a higher trading range, with $5 emerging as a logical milestone. Reaching this level would indicate a substantial rally from current prices and highlight XRP's historical trend of accelerating once critical resistance zones are broken.
The key factor now is whether XRP can sustain its position above the former resistance at $2.90. Maintaining this level as support would bolster the case for advancing toward $5, while a failure could reset the price into consolidation before another upward attempt.
