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 Investing Scope, 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 TradingView post on June 5, the analyst indicated that the broader monthly chart tells a different, potentially bullish, story.
XRP price analysis chart. Source: TradingView
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.
XRP’s $8 target
Currently, the chart shows a similar post-breakout consolidation just below the 1.0 Fibonacci level. Based on h
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