—Are the bulls ready to run? 🐂💥
XRP rose 25% this week to $3.30, a record high in several years, surpassing $190 billion in market cap.
The ProShares Ultra XRP ETF, the first XRP-linked ETF to trade on a major U.S. exchange, was launched on July 18 during the remarkable rally.
The current price of XRP is $3.25, 15% lower than its peak in January 2018, which was $3.84.
This surge pushed open interest in perpetual futures contracts to a record $8.8 billion, or about 2.9 billion XRP in leveraged contracts.
The story of XRP's utility gained official credibility when California Governor Gavin Newsom announced the state's flagship project at Ripple headquarters.
Technical research shows that XRP completed a massive symmetrical triangle pattern over seven years, with Fibonacci targets expecting a range between $4.90-6.50.
Channel breakout targets $4.90–$6.50
The recent breakout on the daily chart for XRP is a sign of a paradigm shift from a bearish channel to a bullish structure.
Since its lows in April, the cryptocurrency has risen by 135%, surpassing resistance levels around $2.80-3.10
After breaking through the channel, Fibonacci extension analysis shows bullish prospects.
The next significant targets are the 2.618 extension at $4.70, the 3.618 level at $5.77, and the 4.236 extension at $6.48.
Volume confirmations during the breakout indicate massive institutional interest.
RSI values above 80 indicate overbought conditions, but parabolic moves maintain momentum for long periods.
Technical expert X places the weekly XRP breakout within a large symmetrical triangle pattern formed since the peak of 2018.
The seven-year consolidation structure of XRP across multiple market cycles appears to have completed at $3.15.
Based on the 2017-2018 cycle, historical Fibonacci research shows that XRP could reach $22.00 by August 1.
The recent big wave produced Fibonacci ratios that could push the cycle beyond $20-23.
Completing the pattern after seven years of consolidation strengthens technical momentum.