XRP's $60 Price Target Hinges on Unmet Condition

XRP's price has been on an upward trend in recent months, up 39% over the past 30 days. However, its long-term prospects are uncertain due to a crucial condition that it has yet to meet.

According to an analysis based on XRP's decade-long chart pattern, the cryptocurrency could potentially reach $60. But for this prediction to come true, XRP needs to close above $3.66 in a month. Unfortunately, XRP has never managed to achieve this feat in its entire trading history.

The pattern behind the $60 call is an ascending triangle on XRP's monthly chart. This formation occurs when price records higher lows while repeatedly testing a relatively flat resistance level. If the breakout occurs and XRP closes above $3.66, the measured-move approach projects the triangle's height to estimate a potential price target of $60.

However, reaching this target is far from guaranteed. XRP would need to gain 158% just to reach $3.66, which is a significant hurdle. The token has come close to breaking through this level in the past but failed to sustain its momentum.