XRP Price: Analyst Still Sees $20 Target Despite Recent Dip

XRP Price Cycle Target Remains $20: Analyst Explains

Despite recent volatility, one analyst is maintaining a bullish outlook on XRP, projecting a potential cycle top above $20.

Key Takeaways:

• Macro analysis suggests XRP could reach above $20.
• A symmetrical triangle pattern hints at a possible bullish breakout towards $4.

XRP experienced a 22% drop from its recent high of $3.66, falling to $2.72 before recovering to around $3. This raises the question: Is this a temporary dip, or is there more upward potential?

XRP's Bullish Macro Outlook

According to analyst XForceGlobal, XRP's price action reveals consolidation within a symmetrical triangle on the daily chart. This pattern suggests a possible bullish impulse.

In a recent X post, the analyst stated that “$20 remains the primary cycle target” for XRP.

Although XRP faces resistance around the $4 level, the analyst believes this doesn't negate the overall bullish macro outlook. Two potential scenarios are in play:

Potential Scenarios

• Scenario 1: The recent pullback mirrors past cycles, representing a distribution phase before a major breakout. Following a nearly 50% drop from January highs, the subsequent recovery to $3.66 could indicate another distribution period before a significant upward move.
• Scenario 2: XRP distribution continues, completing the flat period between Wave 1 and 2, setting the stage for a substantial Wave 3 upward surge.

XForceGlobal emphasizes a high conviction probability for a substantial upward move, stating, “There are just no signals supporting a larger sell-off to the downside.” The target price, based on these scenarios, ranges between $19 and $30.

Symmetrical Triangle Breakout: Targeting $4

Currently, XRP trades within a symmetrical triangle on the daily chart. A daily candlestick close above $3, the triangle's upper boundary, would confirm a bullish breakout. The next key resistance level is the eight-year high at $3.66.

The measured target of this triangle breakout is $4, representing a potential 34% increase from current levels.

Veteran trader Matthew Dixon noted that the consolidation within the triangle aligns with a distribution phase between Waves 3 and 4, preceding a larger Wave 5 move toward $4.

Previous reports indicate several technical charts suggesting a potential XRP breakout in the short term, with targets ranging from $4.40 to $6.