XRP Breaks Out of Multi-Year Confined Symmetrical Triangle...Peter Brandt "$5 Rally Will Explode"

▲ XRP/ChatGPT generated image

A technical analysis suggests that XRP could surge to $5, breaking out of a massive multi-year symmetrical triangle consolidation pattern.

According to CoinGape, a virtual asset media outlet, on September 21 (local time), legendary veteran trader Peter Brandt suggested the possibility of a rally towards $5, citing a strong symmetrical triangle pattern breakout identified on the XRP chart. Brandt evaluated the breakthrough of the multi-year downward trendline resistance formed since the 2021 peak as a decisive signal of a technical trend reversal.

Brandt pointed out that this breakout is not just a short-term rebound but could be a signal for a major bull market surpassing historical highs. He explained that as the massive coil pattern, which had been accumulating energy for many years, has broken out upwards, the technical upside target is open up to the $5 level. Brandt emphasized additional upward momentum, stating, "XRP has broken out of a multi-year consolidation structure."

However, key milestones that must be overcome before reaching $5 were also clearly presented. The market views the previous major resistance levels of $1.96 and the all-time high of around $3.84 as the first and second test hurdles. The diagnosis is that XRP must convert the 200-week moving average and key Fibonacci retracement levels into strong support lines to reach the $5 mark.

Currently, XRP is trading above its major exponential moving averages, continuing its upward trend with accompanying trading volume. With the veteran analyst's bullish outlook and the breakout of a large consolidation pattern, investors' attention is focused on whether market liquidity can drive XRP's further rally.

[Article Key Summary]

-Veteran trader Peter Brandt analyzed that XRP has broken out upwards from a massive symmetrical triangle pattern that had persisted for many years.

-It is diagnosed that by breaking through the long-term resistance line, the technical upside target is open up to $5.

-Before a full-fledged ascent to $5, breaking through the resistance levels of $1.96 and the previous high of $3.84 is considered a prerequisite.

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