A leading market analyst has provided a roadmap for XRP to achieve a remarkable price surge, potentially reaching $6 in the near future—nearly double its all-time high from 2017/2018. This forecast comes amidst a volatile market environment, primarily influenced by the Federal Reserve’s aggressive inflationary stance. While XRP has recently experienced significant price drops, some analysts are optimistic that the cryptocurrency is on the brink of a major breakout.

XRP Faces Market Volatility Amid Fed Concerns

XRP has found itself under pressure, impacted by the broader downturn in the cryptocurrency market following hawkish statements from the U.S. Federal Reserve. Fed Chair Jerome Powell’s comments about minimal interest rate cuts expected in 2025 have caused significant ripples across the market, weighing on the prices of many digital assets. In response to this broader economic environment, XRP dropped sharply, seeing a 9.91% decline on December 19, followed by an additional 3.24% loss the next day, sinking to a low of $1.96 by December 20.

Despite these steep losses, there has been a noticeable bounce back. XRP has since recovered by 4.35%, pushing the price up to $2.37 at the time of writing. While these fluctuations are indicative of a volatile market, several market commentators, including CryptoBull, are bullish about the asset’s future trajectory. CryptoBull believes this current correction is part of a larger, bullish pattern, and that XRP is gearing up for a major breakout soon.

Symmetrical Triangle Formation Signals Imminent Breakout

CryptoBull has pointed to a critical technical pattern that is forming in XRP’s price action—specifically, a symmetrical triangle. This chart pattern is often seen as a sign of market indecision, where both buyers and sellers are struggling for dominance. The price consolidates within a narrowing range before a breakout occurs, typically resulting in a significant price movement in either direction.

XRP’s chart has displayed a symmetrical triangle since the sharp drop from its seven-year high of $2.90 on December 3. This pattern, while consolidating the price, suggests that XRP is nearing the apex of this formation, signaling that a breakout is imminent. CryptoBull believes that once the pattern completes, XRP could experience a sharp upward movement, potentially pushing the token to a new all-time high of $6 within days after the breakout.

Key Support and Resistance Levels to Watch

To better understand XRP’s potential next steps, it’s essential to monitor specific price levels. On the 1-day chart, the current price movements show a clear wave structure: wave A marked the initial decline, followed by a recovery in wave B, and then another pullback in wave C. According to CryptoBull, XRP is likely to see another recovery phase (wave D), followed by a brief pullback (wave E). The breakout above the triangle’s upper trendline after wave E could send the price soaring.

Key levels include the immediate resistance at $2.40 and significant support at $2.00. A break above $2.40 would allow XRP to test its recent high of $2.90 and could pave the way for further price gains, with $6 being the analyst’s target in the short term. If XRP maintains this momentum, the $6 price could be realized swiftly.

Parallels to XRP’s 2017 Bull Run

In a separate analysis, CryptoBull has drawn comparisons between XRP’s current market structure and its rally in 2017. During that period, XRP experienced a multi-month surge, culminating in its all-time high, a rally that CryptoBull believes is being mirrored in the present market cycle.

The analyst suggests that XRP is on a similar trajectory as it was back in March 2017, having already reached the crucial target of $1.96. If the historical pattern continues, XRP could reach a price of $6.28 by the end of December 2024. Furthermore, CryptoBull has projected an even more ambitious goal, predicting that XRP could surge to $40 by the end of January 2025.

What’s Next for XRP?

As XRP continues to navigate a volatile market environment, analysts are closely watching for signs of a breakout from the symmetrical triangle pattern. The next few days are critical for determining whether XRP can achieve the predicted $6 price target. With the asset consolidating and technical indicators signaling a potential breakout, there is a chance that XRP could see significant upward momentum.

For investors and traders, the key to determining XRP’s future trajectory lies in monitoring resistance levels around $2.40 and $2.90, as well as support around $2.00. Should XRP break these levels decisively, the path to higher targets, including the forecasted $6, will become clearer. As always, market conditions remain fluid, but the possibility of a major price surge appears increasingly likely as XRP continues to follow this bullish technical pattern.