XRP Breaks Out of Seven-Year Triangle with $3.80 Target Looming

XRP's seven-year triangle breakout has been retested and reclaimed its $1.60 level, sparking questions about what's next for the cryptocurrency.

The symmetric triangle formed from XRP's peak of $3.31 in January 2018 to its low of around $0.11 in March 2020, with a measured move suggesting a target of about $3.80.

However, recent price action has dipped slightly below the reclaimed level at $1.55, raising concerns that the breakout may be a false one and could trap late buyers in a reversal.

A retest is crucial to evaluate whether the breakout is genuine, and XRP's first rally peaked at $3.65 before the retest started, nearly reaching the calculated target.