Pundit Sets $8 as Initial Target for XRP After October Bullish Breakout

XRP is a day away from ending October, and prominent market analyst JD sets a range of $5 to $8 as XRP’s first target if it can close October with a breakout of a 5-year symmetrical triangle.

In an analysis yesterday, JD emphasized that the monthly close for XRP would come up today, Oct. 31. However, he confirmed that XRP still trades within a symmetrical triangle that has constrained its price movements for over five years.

#XRP monthly close is tomorrow, & still w/in the Symmetric Triangle. If we can have a confirmed breakout, Green Box would be the target! Patreon/Discord – will post a DETAILED update tomorrow (5 charts!)

Retweet/Like for Monthly chart update on Twitter & Tradingview tomorrow!… pic.twitter.com/AKdGO3Mfxq

— JD 🇵🇭 (@jaydee_757) October 30, 2023

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Formation of the Symmetrical Triangle 

The triangle began with a descending upper trendline, which materialized when XRP plummeted from the ATH of $3.31 in January 2018. JD’s chart suggests that this descending line has been around for eight years, but data confirms it’s actually five years. 

The triangle fully took shape when XRP saw the formation of an ascending lower trendline in March 2020. XRP has continued to trade in the confines of these two trendlines. Notably, the lower trendline serves as a support structure, while the upper trendline presents resistance points.

Both trendlines have converged toward each other, suggesting that XRP has been registering higher lows and lower highs. The asset attempted to break above the upper trendline when it rallied to a high of $1.9669 in April 2021. However, it faced resistance that brought it down to $0.5096 two months later.

Amid persistent declines, XRP dropped to a low of $0.2870 in June 2022 as the bears tried to trigger a break below the lower trendline. However, the trendline served as support. XRP again tried to stage an upper breakout in July when it rallied to $0.93. It faced another resistance at this point.

XRP Could Reach $8

JD’s recent analysis posits that XRP could witness a significant run if it can break out at October’s close. The analyst’s conviction of an upper breakout stems from the fact that XRP recently retested the lower trendline when it dropped to $0.4587 this month. 

If this breakout materializes, JD sets a green box on the monthly chart as his first target territory. The green box sits at a price range between $5 and $8. Hitting this target would represent a new ATH, with the $8 value representing a 1,300% jump in XRP’s price.

In another analysis, as seen below, JD presents a multi-month trend line with XRP breaking upwards. A monthly close above the trend line can help the XRP price.

XRP is trading for $0.5718 at the reporting time, up 3.72% over the last 24 hours. CoinMarketCap data confirms that interest in the asset has increased, with trade volume surging 114% to $1.57 billion. Open Interest has also increased 9% to $501 million. XRP is currently trying to break above $0.5860 in the short term.

A measured move to this territory could provide the bulls enough support to aim for $0.60. In turn, XRP could leverage the $0.60 point to stage the much-needed breakout. The $8 target could bring XRP’s market cap to $428 billion, supposing supply remains fairly stable.