Experts believe XRP is now poised for a significant breakout, with potential targets of $2.90, $3.20, and $4.40, pending major news.
Industry commentators are increasingly optimistic about XRP’s potential for a breakout after a period of nearly two weeks of price consolidation.
However, they emphasize that this anticipated shift is contingent on the arrival of significant news to act as a catalyst.
Vincent Van Code, a well-regarded software engineer and influencer in the crypto space, echoed this sentiment in a recent tweet.
He highlighted that XRP is currently forming an ascending triangle pattern on its daily chart, a technical indicator that often precedes price increases.
Van Code pointed out that in the absence of impactful news, XRP’s price movements may continue to reflect typical technical analysis patterns.
He noted that during such waiting periods, the market often trades sideways, with daily price fluctuations of 10% to 20% being quite common.
Nonetheless, he emphasized that a decisive breakout above the $2.90 mark is critical for significant upward momentum.
Van Code cautioned that this crucial breakout is likely to occur in conjunction with major news announcements. “Let’s wait and see,” he concluded, urging patience among investors.
Imminent News Expected to Ignite XRP
XRP supporters, often referred to as the “XRP Army,” are eagerly anticipating at least three key developments that they believe could provide the momentum XRP needs.
One of the most significant events is the impending launch of Ripple’s stablecoin, RLUSD.
Earlier this week, Ripple announced that it had received approval from the New York Department of Financial Services (NYDFS) to list RLUSD, and CEO Brad Garlinghouse indicated that it will soon be available on partner exchanges.
In addition to the RLUSD launch, other positive developments are in the pipeline, including potential approvals for exchange-traded funds (ETFs) and the resolution of Ripple’s ongoing legal challenges.
However, these latter events are projected to unfold in 2025.
With the launch of RLUSD on the horizon, XRP proponents are optimistic that this news could serve as a powerful catalyst for a new bull run.
As of now, XRP is trading at $2.38.
Targeting New Heights After the Breakout
According to Van Code, the breakout rally for XRP will likely gain considerable momentum once the price surpasses $2.90.
Other market analysts have also set ambitious targets for the cryptocurrency as it gears up for a potential resurgence.
Technical analyst Arjantit pointed out in a tweet that XRP is demonstrating a bullish flag pattern on the 8-hour chart, suggesting the possibility of an imminent breakout.
He indicated that a break above this flag could propel XRP towards prices of $2.91 and $3.20, urging traders to watch for confirmation of this pattern.
In a similar vein, analyst “FinanceBro” stated that XRP’s bull flag is now “officially complete.”
He predicted that a breakout could push the price up to $4.40, positing that this level might only mark the beginning of a more extensive rally.
As the market watches closely for these developments, the sentiment surrounding XRP remains hopeful, with many analysts and investors ready for what could be an exciting next chapter.
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