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This pattern identifies XRP’s path to $8

This pattern identifies XRP’s path to $8 WikiBit 2025-06-09 00:52

Despite XRP facing short-term bearish pressure, the asset may be gearing up for a rally to $8, echoing the historic momentum of 2017. According to an

Despite XRP facing short-term bearish pressure, the asset may be gearing up for a rally to $8, echoing the historic momentum of 2017.

According to an analysis by , the recent downturn that saw XRP nearly crash below $2 reflects weakening momentum with the token struggling to break out of a narrow consolidation range that began after its January peak.

However, in a post on June 5, the analyst indicated that the broader monthly chart tells a different, potentially bullish, story.

In this case, a recent symmetrical triangle breakout mirrors the pattern observed between 2014 and 2017. At that time, XRP moved sideways before breaking out in late 2017, forming a consolidation range and surging to an all-time high in January 2018, just beyond the 1.382 Fibonacci extension level.

XRPs $8 target

Currently, the chart shows a similar post-breakout consolidation just below the 1.0 Fibonacci level. Based on historical fractals and Fibonacci extensions, this structure suggests a potential price target of $8, aligning with the 1.382 Fib level from the recent move.

Further strengthening the bullish outlook, the monthly relative strength index (RSI) shows a recurring pattern of peaks, consistent with prior bullish cycles.

Moreover, XRP has decisively moved above the 50-month moving average (MA), historically marking a shift from resistance to support during previous rallies.

This optimistic technical setup is notable as key on-chain activities have sparked speculation. For instance, on June 6, Ripple transferred $498 million worth of XRP to an unknown wallet.

This move deviates from the typical early-month escrow transactions and has stirred market curiosity about XRPs next direction.

XRP price analysis

As of press time, XRP was trading at $2.18, up 0.1% over the past 24 hours, but down 0.6% on the week.

It remains below its 50-day SMA of $2.29, reflecting short-term bearish sentiment. However, its still comfortably above the 200-day SMA at $1.91, indicating a long-term uptrend.

Meanwhile, the 14-day RSI sits at 45.25, indicating slightly bearish yet neutral conditions, with no strong overbought or oversold signals.

Disclaimer:

The views in this article only represent the author's personal views, and do not constitute investment advice on this platform. This platform does not guarantee the accuracy, completeness and timeliness of the information in the article, and will not be liable for any loss caused by the use of or reliance on the information in the article.

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