Ripple (XRP) climbed to $3.10 last week, but a wave of profit-taking erased the gains and pushed it back to $2.80. But the crypto asset is showing powerful breakout signals, with key Fibonacci supports holding firm.
Crypto analyst CasiTrades believes XRP may be on the verge of a major breakout, citing strong technical signals and a completed consolidation pattern that could set the stage for an impulsive upward move.
XRP Breakout Brewing
According to her analysis on X, XRP’s recent price action shows strength, as all local lows have held above the macro 0.5 Fibonacci retracement level at $2.79, a critical support zone that has withstood multiple retests. She noted that the asset has broken out of its consolidation structure, followed by a successful backtest that aligned with the 0.618-0.65 golden retracement levels, reinforcing bullish momentum.
From an Elliott Wave Theory standpoint, CasiTrades explained that XRP may currently be forming a subwave 2, potentially preceding a larger wave 3 rally. Consolidation, she added, often serves to “exhaust the market and confuse traders,” but the failure to break below major support levels typically indicates strength.
“The fact that nothing has fallen through is technically a bullish sign. Markets don’t typically top with consolidation, so most likely we’ll see a wave to new ATHs!”
Drawing historical parallels, the analyst recalled XRP’s seven-year consolidation before its previous breakout from $0.50 to $3.66, and described it as a precedent for long-term accumulation phases leading to explosive rallies. While near-term price surges could be limited to the $4.50-$6.50 range, she maintains that macro targets between $8 and $13 remain achievable if momentum continues.
Whale Exodus and Bearish Patterns
Not everyone shares the growing optimism around XRP’s price trajectory. Another prominent crypto analyst, Ali Martinez, observed that XRP is moving within a descending triangle pattern, a formation that typically leads to a breakout or breakdown. The crucial level to watch, he noted, is $2.72, which has held since July.
Meanwhile, Veteran trader Peter Brandt compared XRP’s current formation to a 1946 chart of Revere Copper & Brass, and warned that a close below $2.687 could trigger a decline toward $2.22.
The sale of 440 million XRP by whales in just 30 days further highlighted the short-term risk surrounding the token’s price outlook. Wallets holding between 1 million and 10 million XRP have collectively reduced their balances from 6.95 billion to 6.51 billion XRP over the past month. This offloading coincides with XRP’s recent decline, which could intensify downside pressure if sentiment does not recover.
The post Ripple (XRP) Price Prediction: Is $13 Possible This Year? (Analyst) appeared first on CryptoPotato.
