XRP Surges 5% Amid Symmetrical Triangle Breakout
XRP has confirmed a major bullish breakout, climbing 5% within 24 hours to hit a high of $3.64 before consolidating near $3.55. This upward move follows the completion of a six-year symmetrical triangle pattern, a technical formation that often precedes large price swings.
A volume spike of 158 million XRP at 14:00 GMT validated the breakout, marking a key technical milestone.
The breakout level around $3.55 is now acting as a pivot zone. Holding above it strengthens the bullish scenario, while a drop below could invite fresh selling pressure.
Triangle Breakout Suggests Short-Term XRP Target Near $6
The breakout signals the completion of a multi-year consolidation phase, with price action projecting an upside Fibonacci target near $6.00.
- Support level: $3.46 (prior lower bound of the triangle)
- Resistance levels: $3.64 (local high), followed by $6.00 (technical target)
- Risk level: If XRP fails to hold above $3.55, a drop toward $3.46 could occur, potentially retesting triangle support.
Technical indicators confirm bullish momentum, but traders are watching the $3.55 level closely as a make-or-break zone.
Regulatory Tailwinds and Institutional Adoption Boost Momentum
XRP’s price surge is also supported by a favorable macro backdrop:
- U.S. lawmakers have advanced crypto legislation, including the GENIUS and CLARITY Acts, providing a clearer legal framework for digital assets.
- The launch of the ProShares XRP Futures ETF has introduced fresh institutional interest into the XRP ecosystem.
These developments have improved investor sentiment and added credibility to XRP as a long-term investment asset.
XRP in Bullish Territory, But Watch Key Levels
With a confirmed breakout from a six-year triangle pattern and strong volume-backed momentum, XRP appears poised for further gains toward the $6.00 target. However, the $3.55 support zone must hold to maintain bullish sentiment.
Failure to defend this level could trigger a pullback to $3.46, risking a short-term breakdown of momentum.
Traders and investors should monitor price action closely, especially in the context of ongoing regulatory shifts and institutional inflows, which continue to shape the outlook for XRP.
Disclaimer
This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.