XRP's price trajectory has caught the attention of traders once again, with analysts speculating that the cryptocurrency could soon soar past the $20 mark. This speculation stems from a chart analysis shared by Amonyx on X, which suggests that XRP is forming a bullish pennant pattern that could signal a major breakout in the near future.
According to Amonyx, XRP has been trading within a symmetrical triangle for several years, with key support near the $0.70–$0.80 range. The chart shows that the cryptocurrency has been consolidating in this pattern since 2018, and a breakout could send XRP’s price to previously unimaginable levels.
Amonyx’s analysis pointed to the possibility of XRP hitting the $20 mark or even surpassing it, given the structure’s historical resemblance to previous bullish moves in the market.
The bullish pennant, a technical pattern commonly followed by traders, is often seen as a continuation signal after a strong price move. In this case, the pennant formation is seen after XRP’s earlier surge and extended consolidation period. Analysts believe that the price could break through the upper trendline, leading to a sharp upward movement.
Breaking Down the Technical Setup
The chart shared by Amonyx highlighted key price levels that traders should watch. XRP’s recent price action has been confined within the narrowing range of the pennant, and a breakout above the $0.70–$0.80 level could trigger a significant rally.
The target suggested in the analysis is particularly ambitious, with projections as high as $64.38, though many analysts are focusing on a more conservative target of around $20.
While some skeptics are cautious, noting that price patterns are never guaranteed, the technical setup has caught the attention of those who follow long-term market cycles. The breakout point, when it occurs, is expected to lead to a surge in buying activity, potentially pushing XRP toward the $20 mark or beyond.
Despite the bold price target, the analysis shows that the current consolidation phase, stretching from 2018 to the present, is crucial. If XRP can break free from the pattern’s resistance zone, the cryptocurrency could see significant price appreciation, reaffirming the bullish sentiment.
As the market eagerly watches the price action, the question remains: will XRP reach the $20+ mark? For now, analysts are cautiously optimistic, but only time will tell if this bold prediction holds.