Technical analysts indicate XRP could surge toward $14 if it breaks out from its current bull pennant formation and reclaims critical moving average levels. The cryptocurrency is consolidating between $2.05 and $2.40 on weekly charts, with the observed pennant pattern historically signaling potential breakout rallies.
A successful bull pennant breakout could trigger a 530% price increase to the $14 target, according to technical assessments. This projection draws parallels to XRP’s 2017 performance, where a similar pattern preceded a 1,300% price surge.
Key resistance levels are being closely monitored, with the 200-day Simple Moving Average (SMA) near $2.37 representing a crucial threshold for confirming bullish momentum. The 50-day SMA around $2.27 serves as a nearer-term technical hurdle that must be overcome.
Supporting technical indicators include the Relative Strength Index (RSI) reading of 52, suggesting balanced market conditions with room for upward movement. Fundamental developments, particularly potential regulatory approval for a spot XRP exchange-traded fund (ETF), could provide additional catalysts, with some analysts projecting longer-term targets between $25 and $27.