While some market participants view Ripple XRP as overbought, a crypto analyst known as Ali on X believes that XRP price is very much undervalued as he shows a major breakout from a multi-year symmetrical triangle pattern on his chart.
He also gave potential price targets for XRP, suggesting both conservative and optimistic scenarios. It is important to note that Ripple XRP price just hit its all-time high of over 300% from the previous price and currently is trading at $2.39.
XRP Price Breaks Long-Term Symmetrical Triangle
The analyst chart revealed that the price action of XRP price against the US Dollar has revealed a long-term symmetrical triangle pattern. This pattern, made up of converging trendlines, has seen XRP price consolidating for several years. The breakout from this formation is a strong indicator of a bullish trend, suggesting that XRP price may have positioned itself for substantial gains shortly.
His chart showed the Fibonacci retracement levels to identify crucial support and resistance areas. XRP price has notably surpassed several key Fibonacci levels, including the 0.786 level, which sits around $1.60. Currently, the XRP price is on a path toward higher Fibonacci extension levels, indicating that the bullish momentum could continue.
Bullish Scenario For XRP Price
He noted that Should the XRP price maintain its upward momentum and successfully trade above the $3.32 mark, the path toward higher Fibonacci extensions becomes increasingly plausible. The 1.272 extension at $8.37 could serve as a conservative target, while the more ambitious 1.786 extension at $48.12 represents a long-term goal for optimistic investors.
READ ALSO: Top Analyst Shares His XRP Exit Plan: Predicts ‘Realistic’ Ripple Price Target
This analysis positions XRP price as an undervalued asset with a major upside potential. The breakout from the symmetrical triangle, combined with favorable Fibonacci levels and strong buying momentum, suggests that the XRP price could achieve remarkable price targets in the coming months.
