‘XRP is about to explode’ – Analyst sees price target of $27

Well-known crypto analyst ChartNerd is once again causing a stir in the XRP community. In his latest analysis, he predicts an explosive price rise that may send XRP towards $27. “You rarely see this kind of setup,” he writes on social media.

XRP price breaks out of multi-year triangle

The analyst points to a series of technical signals that coincide. The XRP price has broken a long-term symmetrical triangle pattern, which usually precedes significant increases. The 3-month exponential moving average (EMA) was also successfully retested, indicating that old resistance is now acting as support.

What gives this breakout extra strength is that XRP is now above the top of the Gaussian channel. That’s a technical signal indicating continued upside. “The combination of patterns, averages and channels makes this one of the strongest confluence zones I have ever seen in XRP,” said ChartNerd.

Technical targets point towards $8, 13 and $27

Based on so-called Fibonacci extensions, the analyst designates three potential price targets: $8.49, $13.78 and even $27.70. Those levels are very similar to previous patterns during XRP’s big breakout in 2017.

The similarity between the current graph and that of seven years ago is striking. Then, after a prolonged consolidation phase, a gigantic rally followed. According to ChartNerd, this is no coincidence, and this scenario could play out again — especially now that institutional parties are increasingly interfering with XRP.

Overcame seven years of resistance

The analyst highlights that XRP recently broke out above a resistance level that had held for almost seven years. According to his analysis, there is only now serious resistance again on the higher time frames – and this is a lot higher than the current price.

This is an opportunity you rarely get,” says ChartNerd. He believes the coming weeks will be crucial.