XRP appears set for a significant 60% price increase after breaking out of a symmetrical triangle pattern, a bullish continuation signal. This technical breakout coincides with Ripple’s recent legal victories in its case against the U.S. Securities and Exchange Commission (SEC), as well as speculation about potential leadership changes at the SEC.
XRP Price Eyes $4 Target
On January 11, XRP moved decisively into the breakout phase of its symmetrical triangle, a pattern often associated with upward momentum when accompanied by higher trading volumes. Analysts estimate that XRP could climb to around $4 in the near term.
The breakout target is calculated by measuring the maximum height of the triangle and adding it to the breakout point. This calculation points to a $4 price target for XRP, which independent market analyst World of Charts predicts could be reached in the “next couple of days.”
Support and Resistance Levels
As of January 12, XRP shows signs of consolidating near the $2.37 mark, testing the triangle’s former resistance, now turned support. However, if the price dips below this wave support, the bullish scenario may weaken. A further drop could push XRP toward its lower trendline, aligning with the 50-12H EMA (red wave) around $2.30.
Conversely, maintaining support above the upper trendline would increase the likelihood of XRP reaching its $4 target, reinforcing the bullish continuation narrative.
Ripple’s Legal Wins and SEC Speculation
XRP’s breakout follows Ripple’s court win to seal key documents in its ongoing legal battle with the SEC. The case has drawn significant attention, with market speculation suggesting potential changes in SEC leadership, including rumors of Chair Gary Gensler’s exit. These developments have fueled optimism among XRP investors, adding to the positive price outlook.
XRP’s technical breakout and Ripple’s progress in the SEC case set the stage for a potential rally toward $4 in the coming days. However, traders should watch key support levels, as a drop below $2.37 could invalidate the bullish setup.
