The post XRP on Fire: Fork and Pennant Patterns Signal $8+ Surge appeared on BitcoinEthereumNews.com.
The cryptocurrency XRP is once again the subject of bullish forecasts, as analysts highlight promising patterns and long-term potential for substantial price growth. With technical indicators aligning, market watchers anticipate a possible breakout that could push XRP toward significant milestones. Monthly Chart: Green Bent Fork Offers Optimism On XRP’s monthly chart, the partial body of the current candle hovers above a key trendline dubbed the “Green Bent Fork,” signaling sustained bullish momentum. According to analyst EGRAG CRYPTO, if XRP holds this position through the end of January, it could validate expectations for an upward surge. Ripple’s XRP technical analysis suggests explosive price movements ahead. Source: EGRAG CRYPTO via X EGRAG’s broader outlook paints an ambitious picture, with potential price targets as high as $30 and $50, corresponding to the Blue Fork, and even $60 at the White Fork. These long-term projections hinge on XRP maintaining its momentum and securing critical levels. Daily Chart: Pennant Patterns and Breakout Potential On the daily chart, XRP forms a bullish pennant, a pattern typically associated with a continuation of upward trends. This setup suggests a breakout could occur by early February 2025. Analysts estimate that such a breakout may propel XRP to the $5.1–$5.4 range, offering an optimistic outlook for both conservative and aggressive traders. A bullish breakout above $3 could push the XRP price above $8 and beyond. Source: EGRAG CRYPTO via X The pennant structure highlights a contracting price action, which traders are monitoring closely. “This narrowing signals a decision point,” notes one market expert, emphasizing the importance of volume build-up to confirm the breakout. Elliott Wave Analysis: Long-Term Targets CoinsKid, another prominent crypto analyst, leverages Elliott Wave Theory to outline XRP’s potential trajectory. According to CoinsKid, Wave 3’s peak is projected around $4, while Wave 5 could extend above $8.31. These…