XRP Eyes $3.66 as Bullish Momentum Builds After Triangular Breakout

• XRP breaks out of long-term consolidation; next target is $3.66, with $6.88 as potential resistance.
• With solid support at $1.94, XRP eyes higher highs, potentially reaching $6.88 as bullish momentum builds.
• XRP nears key resistance at $3.66, with strong buying interest and breakout potential toward $6.88.

XRP is showing promising signs of a bullish rally, as its price hovers near $2.34. The cryptocurrency recently broke out of a long-term triangular consolidation, igniting market optimism. Analysts are eyeing $3.66 as the next target, with potential resistance at $6.88. A robust support zone at $1.94-$1.96 reinforces the bullish case, provided XRP maintains this level during pullbacks.

Triangular Breakout Signals New Heights

XRP’s price action since 2018 has been marked by a triangular consolidation pattern. Key support levels of $0.732 and $0.3082 were crucial during the correction phase. The breakout above the triangle in late 2024 pushed XRP past $2, establishing bullish momentum. According to Elliott Wave analysis, wave (3) initiated the breakout, with wave (4) validating it through a retest near $1.95.

Currently, XRP appears to be in wave (5), which aligns with projections of higher highs. Fibonacci extensions place a potential resistance zone near $6.88. Besides, the consistent formation of higher lows supports the bullish narrative.

Descending Channel Breakout: $3.66 Targeted

In a separate analysis, XRP reveals a descending channel pattern. The price is inching toward the upper boundary of the channel. Recent buying pressure has pushed XRP near a potential breakout point, indicating bullish momentum.

If XRP breaks the channel’s resistance, a measured move suggests a target near $3.66. This projection aligns with the height of the channel and the breakout level. The price, currently at $2.34, must clear this resistance to confirm the rally.

Moreover, strong support at the lower boundary of the channel has been a consistent feature. Long wicks on candles near support levels show buyer interest. A breakout above $3.66 could further validate the bullish scenario.