XRP, the cryptocurrency associated with Ripple Labs, is demonstrating signs of a potential breakout as its price chart develops a symmetrical triangle pattern alongside other encouraging technical signals.
The token has been stabilizing within the pattern illustrated below, featuring two converging trend lines that indicate an accumulation of momentum. Insights from a popular user on X indicate that a breakout from this configuration could push XRP towards a short-term target of $6.
This symmetrical triangle has been emerging over the past few weeks, with XRP’s price action tightening in anticipation of the triangle’s apex. This pattern, commonly observed in the crypto space, typically precedes a significant price movement — either upward or downward — based on the direction of the breakout.
Fibonacci retracement analysis adds further weight to this perspective, pinpointing $2.04 as a crucial support level and $2.2 as an essential resistance level. A breakout above $2.2 could solidify the bullish trend, potentially allowing XRP to reach the $5 to $8 range in the medium term, according to the aforementioned source.
Hi all!
I hope you are well! #XRP has touched our lowest Fibonacci level.
As stated, $2.222 is the key level and should be broken upwards.
We set $2.04 as our last Fibonacci level, and we can visit there again!
April-May will be hot, and our Targets of Wave 5 stand at… pic.twitter.com/j2JunirCkN
— Dark Defender (@DefendDark) March 30, 2025
The Elliott Wave theory predicts price fluctuations in five unique “waves” based on recurring price patterns, referred to as “waves.” The five-wave pattern signifies growing optimism in the market, while the three-wave correction reflects profit-taking or a lack of confidence. These waves stem from the collective psychology of investors and can manifest across various time frames, offering followers a method to interpret market behavior.
Thus, a positive technical outlook aligns with increasing optimism within the crypto market, partly fueled by regulatory developments. The U.S. House is set to host a crypto hearing on April 9, titled “The Future of American Innovation and Digital Assets: Adjusting U.S. Securities Law for the Digital Age,” aiming to create a regulatory framework for digital assets.
This could enhance interest in tokens viewed as closely linked to the U.S. government, such as XRP and Cardano’s ADA, both of which were mentioned as potential crypto stockpile assets by a former president earlier this January.