- XRP has broken out of a larger pennant pattern similar to the one that preceded its 2017 price explosion.
- A move to the 2.618 Fibonacci level again could result in XRP reaching or surpassing the $123 price mark.
- Whale investors accumulated 880 million XRP in the past month amid growing interest following the breakout.
Traders and analysts have turned their attention to XRP after breaking out from a large multiyear pennant pattern. The move is reminiscent of the setup that was seen back in 2017, which led to a large rally in the asset price.
XRP Pennant Breakout Resembles 2017 Setup
In 2017, XRP broke out from a long-term pennant trend and propelled past the 2.618 Fibonacci point at the price of about $2.1331. This breakout initiated one of the most spectacular price rises ever recorded for XRP. Market analyst JavonMarks recently cited the historic move, comparing it to the present-day chart pattern.
By late 2024, XRP had broken out from another pennant pattern, this time larger and more developed. The structure’s resemblance to the 2017 setup suggests another upward move may be forming. According to JavonMarks, if XRP follows a similar trajectory, reaching the 2.618 Fibonacci extension again could see the price exceed $123.
XRP Price Breakout Could Indicate 50X Surge
The breakout from the larger pennant pattern has sparked discussions about a potential rally. As per the chart shared by JavonMarks, the previous move led to more than a 50X increase. If history repeats, XRP could be on track for a similar move.
With XRP currently priced at $2.25, a target above $123 represents a substantial possible return. This projection is based purely on historical technical analysis, particularly the Fibonacci extension, and not on speculative forecasts or sentiment-driven commentary.
Whale Accumulation Adds to the XRP Narrative
Adding to the growing interest around XRP, analyst Ali noted that whales have accumulated over 880 million XRP in the past month. This trend suggests increased activity from large holders following the recent breakout.
The timing of this accumulation aligns with the formation’s breakout, drawing further attention from market watchers. While past performance does not guarantee future results, historical chart patterns continue to guide technical analysts observing the XRP price breakout.
