XRP has entered a new bullish phase after breaking out from a multi-year symmetrical triangle formation, a technical pattern that has kept the cryptocurrency in a tightening price range for several years. The decisive breakout, which occurred in November 2024, has since been followed by steady upward momentum, with the token currently trading around $3.18.
Market analyst Ali, who identified the breakout, has set an ambitious price target of $12.60 based on Fibonacci extension projections. His analysis outlines two key resistance levels along the way, $5.96 and $8.98, that traders will be watching closely. If XRP clears these hurdles, the likelihood of hitting the $12.60 target increases significantly.
Technical Context and Fibonacci Targets
The breakout from the upper resistance trendline of the multi-year triangle has sparked renewed optimism among XRP supporters. Historical price action shows that similar breakouts from long-term consolidations often precede strong rallies, especially when paired with improving sentiment and market liquidity.
Fibonacci extension analysis, a popular tool among technical traders, supports the view that XRP’s next major hurdles lie near $5.96 and $8.98 before reaching the projected $12.60 mark. A sustained push beyond these zones could invite heavier institutional buying, particularly given the asset’s growing role in cross-border payments and enterprise blockchain solutions.
Whale Movement Raises Questions but Proves Market Stability
On Monday, blockchain tracker Whale Alert reported a high-value XRP transfer involving 16,698,207 XRP, valued at roughly $53.16 million, moving between Coinbase cold wallets. Initially, some speculated that this could indicate upcoming sell pressure. However, further analysis revealed that the movement was purely an internal transaction, part of Coinbase’s routine liquidity and security management.
Coinbase currently manages 27 large XRP wallets, each holding approximately 16.5 million XRP, underscoring the exchange’s deep reserves. The internal transfer represented a small fraction of its total XRP holdings, and the market price remained stable at $3.18 following the move.
The absence of significant volatility after such a large transaction reinforces the market’s confidence in XRP’s current technical setup. Traders view the lack of selling pressure as a positive sign, suggesting that the breakout pattern remains intact and supported by healthy market conditions.
What to Watch Next
If XRP maintains momentum and decisively breaks through the $5.96 and $8.98 resistance levels, analysts believe the token could be on track for one of its most significant rallies since its 2017 surge. The combination of long-term consolidation, a confirmed breakout, stable liquidity conditions, and improving institutional adoption makes the $12.60 target a realistic, though still ambitious, scenario.
For now, the focus remains on whether buyers can sustain pressure in the coming weeks to turn technical potential into tangible gains.
