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$XRP may be approaching a technical confirmation that determines whether its recent consolidation develops into a larger rally toward $2.30.
Analyst Celal Kucuker has identified $1.38 as the level $XRP needs to reclaim and hold to confirm what he describes as a “fake breakout.”
$XRP Price Needs to Close Above $1.38
In a recent post on X, Kucuker said $XRP must close above $1.38 today or tomorrow to confirm the setup. His chart shows $XRP trading inside a large contracting triangle. The price is currently near the point where the descending resistance line and rising support line converge.
The chart places the key confirmation level around $1.37896, making the $1.38 area the immediate level to watch.
$XRP is currently trading around $1.35, according to CoinMarketCap data. It is down about 2.2% over the past 24 hours and 6.5% over the last seven days.
The decline has come alongside weakness across the crypto market. Bitcoin fell below $77,000 yesterday and is down roughly 4.3% over the past week.
However, $XRP’s monthly performance remains positive. The token is still up about 32% over the past month, compared with Bitcoin’s 21% gain. Much of those gains came during the explosive rally in late August, after which $XRP has struggled to push through resistance.
$XRP chart by Celal Kucuker
The Way to $2.30
Kucuker’s setup suggests that reclaiming $1.38 would provide the confirmation $XRP needs to move out of its current consolidation structure.
The $2.30 target would represent a 70% move from $XRP’s current price near $1.35. However, the chart does not suggest that $XRP would necessarily reach that level immediately.
In particular, the chart shows resistance at $1.513 and $1.70, which, if reclaimed, will set the foundation for higher targets in the $2 range.
Meanwhile, a failure to reclaim $1.38 could leave $XRP inside the triangle and expose the token to another test of its lower trendline.
ChartNerd Sees Higher $XRP Targets
In another post, ChartNerd told investors to “zoom out” when they start doubting whether $XRP can reach higher prices. The analyst shared a chart showing that $XRP’s current price pattern looks similar to patterns from previous market cycles.
ChartNerd described it as: “Same Structure: Different Cycles.”
The chart shows a large triangle that started forming after $XRP’s 2018 peak and is now nearing its end. ChartNerd believes $XRP will eventually break out of this long-term pattern.
Based on Fibonacci levels, the analyst sees possible targets around $8.33, $13.50, and $27. These levels roughly match the 1.272, 1.414, and 1.618 Fibonacci extensions.
ChartNerd also compared the current pattern to $XRP’s price movement from 2014 to early 2017. During that period, $XRP traded sideways for a long time before breaking higher and eventually reaching its previous all-time high.
Because of this, ChartNerd believes $XRP’s current setup is part of a long-term market cycle, rather than just a short-term price move.
