Peter Smith
XRP (Ripple) is currently sitting at a critical juncture that has crypto traders buzzing with excitement. Trading around $2.81, the token has been quietly building what looks like a textbook bullish setup on the monthly timeframe. The formation has many wondering if we're about to see XRP break out of its consolidation phase and make a run toward much higher prices.
XRP Price Outlook Backed by Trader Insights
The current setup hasn't gone unnoticed by experienced traders. @CryptoBull2020, a well-known analyst in the crypto space, recently shared their take on XRP's monthly chart, suggesting the next major move could push the token into the $7–$8 range.
This projection isn't just wishful thinking – it's backed by solid technical analysis that shows XRP forming a pattern often seen before significant price moves.
XRP Price Technicals: Cup Formation in Play
Looking at the monthly chart, XRP has carved out what appears to be a cup-like pattern over several months. This type of formation typically happens when a token consolidates after a major move, building energy for the next leg up.
Right now, XRP faces immediate resistance around the $3 mark. Breaking above this level could be the catalyst that sends the token toward $4.50 first, and potentially the $7–$8 zone that analysts are eyeing.
The bullish case gets stronger when you consider that XRP is trading comfortably above its 200-day moving average – a sign that the longer-term trend remains positive.
Why XRP Could Reach $7–$8
Several things are working in XRP's favor right now:
- The months-long consolidation has created a solid foundation for a potential breakout. When tokens spend this much time building a base, the resulting moves can be quite dramatic.
- Beyond the technicals, XRP has real-world utility through Ripple's partnerships with banks and payment providers. This gives the token fundamental strength that purely speculative assets lack.
- Historically, XRP has shown it can make explosive moves when it breaks through major resistance levels. Past performance suggests that once momentum builds, the token can move quickly.
XRP Price Poised for a Big Move
The monthly chart setup for XRP looks compelling. With the cup pattern nearly complete and price holding above important support levels, the stage seems set for a potential breakout. If buyers can push XRP past the $3 resistance zone, we could see the token make a serious run toward those $7–$8 targets much faster than many expect.
Peter Smith
