XRP Breaks Technical Pattern, Eyes $15 Target Amid Regulatory Clarity

Ripple's XRP token has broken out of a years-long technical formation known as a symmetrical triangle pattern, potentially signaling another significant rally in the market. The breakout comes after a volatile period for the digital asset, which currently trades around $2.38.

According to cryptocurrency analyst Ali Martinez, the token could reach an ambitious target of $15, representing a surge of approximately 530% from current levels. This would catapult XRP's market capitalization to nearly $900 billion, positioning it close to Bitcoin and substantially above Ethereum in total valuation.

The symmetrical triangle pattern has been forming since January 2018, with each lower high creating a descending trendline at the top and every higher low creating a rising trendline at the bottom. Now that XRP has broken out of the triangle, there's a chance XRP can continue rising to reach a target of $15, according to Martinez.

XRP experienced a dramatic 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.