XRP is forming a structure similar to the breakout pattern at the end of 2017, as highlighted by market analyst EGRAG CRYPTO. This altcoin is currently moving within a symmetrical triangle, showing signs of compression and narrowing price action. Technical indicators suggest that this setup could reflect the explosive increase of XRP in 2017 when the token surged 1,772% in just 63 days.
XRP is currently priced at $2.45 and traders are carefully studying the resistance level at $2.70. A new weekly high at that level could set the stage for a bullish trend. This point aligns with the Fibonacci level of 1.414 that many traders have used as a resistance level.
Using the Fibonacci Circle projection, EGRAG CRYPTO believes that $28.70 is a feasible target for XRP if it follows a pattern like in 2017. The countdown for Musk’s 100 million euros starts from a bottom range of $2.20 to $2.30 in February 2025 and ends at the peak on July 21, 2025. This outcome may be due to past trends and is often expected in the market for bullish cryptocurrency rallies in the summer.
The 21-Week EMA Line Plays a Key Support Role for Breakout Setup
The 21-week exponential moving average (EMA) ( currently supports the price structure of XRP at $2.30. This level remains crucial in maintaining the ongoing bullish pattern. A sustained drop below the EMA could weaken the breakout scenario, although XRP continues to trade above this important moving average up to the present.
After breaking through the $2.70 mark, XRP faces the next resistance levels at $3.00 and $3.35. These are historically significant levels, with $3.35 aligning with the Fibonacci extension level of 1.0. Additional targets based on Fibonacci projections are $8.49, $13.79, and potentially $27.68, depending on market conditions and sustaining momentum.
The 63-day cycle is expected to end around July 21, 2025. This timeline aligns with the 2017 fractal when XRP rose from a consolidation level to a peak during a similar period. Market watchers are currently focusing on whether the current price fluctuations will follow the same historical trajectory.
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