Ripple’s XRP cryptocurrency is exhibiting a pattern not seen since 2017, sparking speculation that a price target of $9.63 or higher might be within reach. This follows a significant breakout from a multi-year triangle, a trend reminiscent of 2017, and is backed by strong price momentum.
At the time of writing, XRP was trading at $2.58, marking an increase of 6.56% over the last 24 hours and 15.15% over the past week. Trading volume also witnessed a surge to $5.87 billion, marking a 28.20% rise from the previous day, which indicates heightened market activity.
Technical analysis confirms XRP’s breakout from a major symmetrical triangle formed between 2018 and 2024. This pattern is akin to XRP’s 2017 price behaviour, where a sharp uptick was followed by a period of consolidation, and then another upward move. If history repeats itself, a second breakout phase might be on the horizon.
Recent whale activity, including a transfer of 40 million XRP (worth over $101 million) between unknown wallets, has added to the speculation surrounding XRP’s price. This, coupled with a continued rise in trading volume, lends credence to the bullish sentiment surrounding XRP.
Supporting these speculations, Crypto analyst Javon Marks suggests a possible surge towards $9.63 based on fractal analysis and Fibonacci extensions. “XRP’s history still points to the next leg up leading into $9.631+, if not well beyond,” he stated.
As long as XRP’s price maintains above $2, the technical structure remains bullish. The ongoing consolidation at higher levels might be laying the groundwork for a second upward impulse, aligning with past trends.
