XRP continues to gain attention across the crypto market as fresh technical analysis points to a strong possibility of the token reaching the $20 mark. According to a post shared by crypto market analyst @amonbuy on X, XRP is repeating a major bullish pattern that triggered a massive price rally.
XRP forms a structure similar to what we saw in earlier cycles, where associated price patterns followed Elliott Wave rules. As we can see, XRP is on Wave (5) in the Elliott Wave theory and is known for its dramatic rises.
In the past, this Wave led to speedy growth for XRP, moving it from stability to a rise. Bullish implications are back as this pattern is forming again.
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Technical analysis has shown key resistance areas at $3.36, which XPR is currently examining. Afterward, the analysis reveals potential targets for the price at $8.44 and $27.23. These price levels were seen previously when XRP escaped triangular patterns and indicated the chance for meaningful growth.
According to the chart, XRP has followed an ascending triangle pattern for several years. Each previous time we’ve seen this structure, there has been a major price breakout. The token is now moving above the 0.382 retracement level, getting support near $1.46, and showing signs of continuing upward.
Source: @amonbuy
Fibonacci Levels and Market Sentiment Align With Bullish Outlook
The expert analysis also notes increasing volume patterns often preceding large price movements. This volume trend and consistent structural support further strengthen the bullish thesis for XRP.
The breakout scenario aligns with a broader shift in market sentiment, where XRP is regaining momentum after an extended consolidation phase.
Analysis further shows that in recent months, XRP’s price has followed the same route as in its previous rally, going from a cost of less than $0.01 to more than $3.00 rapidly. The similarities in price action and structure fuel optimism among traders, many of whom believe the setup is too aligned to ignore.
Everything shows on @amonbuy’s analysis that current market trends do not block XRP from reaching the $20 aim. His chart highlights the previous direction, Fibonacci support, and investor sentiment to suggest that an increase for XRP might be starting.
Experts are considering XRP’s technical prospects after predicting it will likely move above $20. Analysts are carefully watching XRP as it goes through a significant stage of its market life because of soaring attention and well-defined chart patterns.
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