XRP, the token closely related to Ripple Labs, is showing signs of a potential breakout as its price chart forms a symmetrical triangle pattern alongside other bullish technical indicators.

XRP has been consolidating within the pattern shown below, characterized by two converging trend lines that suggest a buildup of momentum. Technical analysis from well-followed X user @DefendDark indicates that a breakout from this formation could propel XRP toward a short-term target of $6.

The symmetrical triangle has been forming over recent weeks, with XRP’s price action tightening as it approaches the apex of the triangle. This setup, commonly observed in crypto markets, often precedes a sharp move — either upward or downward — depending on the direction of the breakout.

Fibonacci retracement analysis further supports this outlook, identifying $2.04 as a key support level and $2.2 as a critical resistance. A break above $2.2 could confirm the bullish trend, potentially driving XRP toward the $5 to $8 range in the mid term, per @DarkDefend.

The Elliott Wave framework forecasts price movements in five distinct “waves” based on repeating price patterns, called "waves." The five-wave pattern reflects growing optimism, while the three-wave correction shows profit-taking or pessimism. These waves are driven by collective investor psychology and can occur across different timeframes and are considered by followers to be a way to map market behavior.

As such, a bullish technical outlook coincides with growing optimism in the crypto market, driven in part by regulatory developments. The U.S. House will hold a crypto hearing on April 9, termed “The Future of American Innovation and Digital Assets: Adjusting U.S. Securities Law for the Digital Age,” with plans to develop a regulatory framework for digital assets.

That could boost eyes on tokens perceived to be close to the U.S. government, such as XRP and Cardano’s ADA, which were named as part of potential crypto stockpile by President Donald Trump earlier in January.

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