XRP Price Could Surpass $6. Here’s Why

Amid the current market consolidation, XRP price remained stable, hovering above the $0.46 level to seek support above the long-term support trendline. This week’s neutral candlestick pattern shows that neither buyers nor sellers are taking a definitive stance to direct the price direction. However, as the Curling vs. SEC is gradually moving towards its conclusion, market participants anticipate a significant directional change in the price of XRP.

Read too: Ripple XRP Case: Lawyers on Final Decision Date, Odds of Appeal and Settlement

XRP Price Eyes Major Bull Run After Triangle Breakout

XRP Price| Trading view

XRP’s current downtrend began in early March, with the price falling from a high of $0.74. This bearish move resulted in a 36.8% drop, bringing the asset’s value down to $0.427 and reducing its market cap to $26.28 billion.

However, a look at the daily chart shows that this bearish cycle is part of a well-known continuation pattern called a symmetrical triangle. Under the influence of this pattern, the asset price tends to resonate within two converging trendlines to restore momentum in a specific direction.

If the trend continues, the XRP Pricecurrently positioned just above the pattern’s lower trendline, could see increased buying interest. A potential turnaround could see the price increase by 35%, with the aim of reaching the overall trendline at approximately $0.63.

If XRP breaks out of the triangle pattern, it would mark the end of the ongoing consolidation phase and amplify the bullish momentum. With sustained buying, the post-breakout rally could breach the $2 barrier.

Read too: Popular Analyst Predicts BTC Price Reversal After Drop to This Level

Furthermore, renowned trader EGRAG CRYPTO recently shared a bullish analysis for XRP on social media, projecting a minimum price target of $6.4.

The trader highlights that, despite recent market fluctuations, the XRP monthly candle is expected to close above the Fibonacci 0.236 level, interpreted as a sign of natural market consolidation.

Looking ahead, EGRAG CRYPTO suggests that the next significant goal for XRP is the 0.5 Fibonacci level. With strong market conviction, they believe that a reversal of this target could pave the way for XRP to reach the 1.618 Fibonacci level at $6.4.

Renewed buying interest in the broader market and the outcome of a long-running legal battle between Ripple and the SEC will be major contributors to the XRP price reversal.

Technical Indicator:

• BB Indicator: The drop in the lower boundary of the Bollinger Band indicator indicates the strong influence of the seller on the XRP market movement.
• Moving Average Convergence Divergence: Multiple crossovers between the MACD line (blue) and the signal line (orange) accentuate the short-term market sentiment as neutral.

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