Chart Pattern Signals Breakout: XRP Could Rally to $6, Analyst Warns

XRP is currently trading within a symmetrical triangle pattern, a technical formation that suggests a buildup of momentum and the potential for a breakout in the coming sessions.

The cryptocurrency, which is closely tied to Ripple Labs, has been narrowing in range as two key trendlines converge. According to chart analysis shared by X user @DefendDark, a breakout from this structure could send XRP toward a short-term price target of $6.

The symmetrical triangle, commonly observed during periods of consolidation, has been forming over the last several weeks. Such patterns often precede a directional breakout, with market participants closely watching for a decisive move.

Supporting the bullish view, Fibonacci retracement levels identify $2.04 as key support and $2.20 as a significant resistance level. A clean break above the $2.20 threshold would reinforce upward momentum and could open the door to targets in the $5–$8 range.

In addition, the current market structure appears to align with the Elliott Wave Theory, which analyzes price movements through repeating wave patterns based on investor sentiment. XRP’s recent action suggests the completion of a corrective wave and the possible start of a new impulsive leg upward.

Broader market sentiment may also support the bullish thesis. The U.S. House of Representatives is set to host a hearing on April 9 titled “The Future of American Innovation and Digital Assets”, focusing on regulatory reforms for the crypto sector. Analysts note that clearer legislation could provide a tailwind for tokens like XRP and Cardano’s ADA, both of which were referenced in a January statement by former President Donald Trump as part of a possible strategic crypto reserve.

With technical indicators and market developments aligning, XRP may be approaching a turning point — one that traders believe could carry it toward higher price levels in the near future.

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