XRP Price Poised for Breakout Amid Bullish Chart Patterns and Regulatory Optimism

XRP, the cryptocurrency closely tied to Ripple Labs, is gaining attention as it approaches a potential breakout from a symmetrical triangle pattern. This formation, identified by converging trend lines, signals tightening price action and a possible surge in momentum.

Popular crypto analysts, including @DefendDark and @Steph_iscrypto, suggest XRP could be gearing up for a significant move. According to @DefendDark, breaking above the key resistance at $2.20 could trigger a rally toward $5–$8 in the mid term. The token currently hovers near $2.04, a crucial Fibonacci support level, reinforcing the bullish setup.

Technical indicators, including Elliott Wave analysis, support the case for continued upside. The framework, which predicts price trends through wave-like movements driven by investor sentiment, suggests XRP is entering the fifth wave—a stage typically associated with strong bullish momentum.

Crypto trader @Steph_iscrypto emphasized the narrowing triangle, tweeting, “#XRP is heavily compressing. This breakout will create many new millionaires!”

Fueling the bullish sentiment is a favorable regulatory backdrop. The U.S. House is set to host a hearing on April 9 titled “The Future of American Innovation and Digital Assets,” aiming to adjust securities laws for the digital era. With XRP often linked to regulatory discussions and government interest—especially after being named among tokens in Trump’s potential crypto portfolio—this event could serve as a catalyst for price action.

As technical patterns tighten and legislative attention increases, XRP traders are watching closely. A confirmed breakout could signal the start of a powerful upward move, making the coming weeks critical for XRP’s price trajectory.