XRP Breaks Key Technical Pattern, Eyes Ambitious $15 Target
XRP has broken out of a years-long technical formation, which could signal another significant rally for the digital asset. The breakout comes after XRP's price volatility in recent months, with the token currently trading at around $2.38.
According to cryptocurrency analyst Ali Martinez, XRP is forming a symmetrical triangle pattern that indicates a potential bullish continuation. Since January 2018, every lower high made by XRP created a descending trendline at the top, and every higher low created a rising trendline at the bottom. Now that XRP has broken out of the triangle, there's a chance it can continue rising to reach a target of $15.
The prediction follows months of extraordinary activity for XRP. The token experienced a 470% price increase in the aftermath of the U.S. presidential elections, jumping from under $0.60 to briefly touch $3.40, matching its previous all-time high set during the 2017/2018 bull cycle.