The $XRP price is on the brink of a major breakout. After a couple of fakeouts this current breakout attempt could be the real McCoy. Will it be successful, and what are the price targets for $XRP?
Time for the next $XRP breakout?
Source: TradingView
After a 60% previous breakout surge, the $XRP price was due a good period of sideways consolidation. This has now been going on since July, so it might just be time for the next breakout.
As can be seen by the 8-hour chart above, the $XRP price is trying to break free of the descending trendline. A couple of previous attempts were rejected, but the price held firm both times at the $2.94 horizontal support.
As well as breaking out of the descending trendline, the $XRP price needs to break the major $3 resistance level, which is just above. Only once both of these barriers have been broken and confirmed above would it be safe to say that $XRP was on its way back to the all-time high.
Target at nearly $4 for $XRP breakout
Source: TradingView
The daily time frame shows that if there is a breakout today, this would be from a descending triangle, the measured move for which would be to $3.94, a 31.6% gain from here.
XRP/BTC at support – worth a trade?
Source: TradingView
Would you want to be holding $XRP against its $BTC pair? Probably not. At least not for an extended period. A series of lower lows has taken XRP/BTC down and down over several years. The ratio is at support now, so a short-term trade might be in order.
When all is considered, $XRP has run up more than 500% since its first breakout in early November 2024. Ranked third by market capitalisation behind Bitcoin and Ethereum, this is probably not a crypto to be backing beyond any short-term trades. There is plenty of value to be had out there in cryptos that have not had their big surges yet. It is good to keep this in mind and not get carried away with the hype.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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