XRP has delivered a stunning 24% surge this week, reaching new multi-year highs of $3.27 and pushing its market capitalization past $190 billion for the first time.
The explosive rally coincided with the NYSE listing of ProShares Ultra XRP ETF on July 18, marking the first XRP-linked exchange-traded fund to trade on a major U.S. exchange.
XRP is currently trading at $3.25, and sits just 15% below its all-time high of $3.84 set in January 2018.
Notably, perpetual futures open interest hit a record $8.8 billion amid the rally, representing nearly 2.9 billion XRP in leveraged contracts.
Similarly, California Governor Gavin Newsom launched the California Breakthrough Project at Ripple’s headquarters, adding governmental credibility to XRP’s utility narrative.
Technical analysis indicates that XRP has completed a massive seven-year symmetrical triangle pattern, with Fibonacci targets suggesting a near-term range of $4.70-$6.48.
Historical cycle analysis suggests potential moves toward the $22-23 levels.
Channel Breakout Targets $4.70-$6.48 Extension
XRP’s daily chart shows a transformation from a bearish, declining channel to a bullish, ascending structure, with the recent breakout representing a significant paradigm shift.
The cryptocurrency has achieved a 126% rise since its April lows, breaking decisively above previous resistance levels around $2.50-$3.00.
Fibonacci extension analysis provides clear upside targets following the channel breakout.
Immediate resistance sits at the 1.618 level around $3.64, which XRP is currently testing.
The 2.618 extension at $4.70 represents the next major target, followed by the 3.618 level at $5.77 and the 4.236 extension, which reaches $6.48.
Volume confirmation during the breakout also indicates massive institutional interest driving the move.
Moreover, RSI readings above 80 signal overbought conditions, but parabolic moves often sustain elevated momentum for extended periods.
Seven-Year Triangle Completion Points to $22 Target
According to a technical analyst on X, XRP’s weekly chart positions the current breakout within a massive symmetrical triangle pattern that has been developing since the 2018 peak.
Currently at $3.15, XRP appears to be completing this seven-year consolidation structure that encompasses multiple market cycles.
The triangle’s convergence near the current timeframe makes this breakout particularly significant.
Historical Fibonacci analysis suggests XRP could reach $22.70 by August 1st, based on similar mathematical relationships that characterized the 2017-2018 cycle.
The previous major wave established Fibonacci ratios that could drive the current cycle toward the $22-23 range.
Pattern completion, following seven years of consolidation, creates powerful technical momentum.
The current support range of $2.50-$3.00 represents the triangle breakout zone that should hold for continued bullish advancement toward higher Fibonacci projections.
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The post XRP Price Prediction: After Skyrocketing 24% to New All-Time High This Week – What’s Next? appeared first on Cryptonews.
