Key takeaways:<\/strong><\/p>\n XRP\u2019s macro outlook remains bullish, with technical scenarios projecting a cycle top above $20, according to one analyst.<\/p>\n<\/li>\n XRP\u2019s symmetrical triangle signals a potential bullish breakout targeting $4.<\/p>\n<\/li>\n<\/ul>\n XRP\u2019s (XRP<\/a>) price fell 22% to $2.72 from its multi-year high of $3.66 reached on July 18, before recovering to current levels around $3.\u00a0<\/p>\n Has the popular altcoin finally topped out, or is there a stronger rally in the cards?<\/p>\n XRP price action reveals a consolidation within a symmetrical triangle on the daily chart, suggesting that the altcoin may be preparing another bullish impulse,\u00a0 according to analyst XForceGlobal.<\/p>\n XRP price at \u201c$20 remains the primary cycle target,\u201d the pseudonymous analyst said<\/a> in an X post on Wednesday.\u00a0<\/p>\n Related: <\/strong><\/em>XRP 30% open interest drop may open buy zone below $2.50<\/strong><\/em><\/a><\/p>\n Although the price still faces strong resistance<\/a> around the $4 psychological level, \u201cthis does not alter the overall bullish outlook on the macro,\u201d the analyst said, adding that XRP could now follow two possible scenarios.\u00a0<\/p>\n In the first scenario, the recent pullback is similar to the ones seen in past cycles, where the price drops to create new levels of distribution before a major breakout.<\/p>\n In an accompanying video, XForceGlobal said<\/a> that after an almost 50% pullback from Jan. 16 highs at $3.40<\/a>, the price recovered to retest the level with the recent run-up to $3.66.<\/p>\n As such, the latest drawdown is another period of distribution, before making \u201cone of the strongest moves to the upside,\u201d the analyst added.<\/p>\n In the second scenario, XRP distribution will continue to complete the flat period between Wave 1 and 2, before making that \u201cmassive\u201d Wave 3 to the upside.<\/p>\n \u201cEssentially, we have two scenarios, in my opinion, that have the highest conviction probability, and I think we are very close to a much larger upward move,\u201d XForceGlobal said, adding,<\/p>\n \u201cThere are just no signals supporting a larger sell-off to the downside.\u201d<\/p><\/blockquote>\n The target for XRP price is between $19 and $30 based on both scenarios, as shown in the charts above.\u00a0<\/p>\n Currently, XRP price is trading within a symmetrical triangle<\/a> on the daily candle chart, data from Cointelegraph Markets Pro<\/a> and TradingView<\/a> shows\u00a0<\/p>\n The price needs to produce a daily candlestick close above the upper boundary of the triangle at $3 to confirm a bull breakout. Above that, the next major resistance is the eight-year high at $3.66<\/a>, which bulls must overcome to continue the upward trajectory.\u00a0<\/p>\n The measured target of the triangle is $4, or a 34% increase from current levels.\u00a0<\/p>\n The symmetrical triangle interpretation \u201cmakes sense when you look at the big picture for XRP,\u201d said<\/a> veteran trader Matthew Dixon in an X post on Tuesday.<\/p>\n\n
XRP macro outlook still \u201cbullish\u201d<\/h2>\n
XRP symmetrical triangle breakout targets $4<\/h2>\n