Analyst Sees $6 on Horizon as XRP Coils Within Symmetrical Triangle Formation

XRP may be gearing up for a significant move as it continues to trade within a well-defined symmetrical triangle — a technical pattern often associated with breakout potential.

The token, which remains closely tied to Ripple Labs, has been consolidating for weeks, forming a structure marked by converging trendlines that reflect tightening price action. This pattern is typically seen as a sign of building momentum, with traders awaiting a decisive breakout.

Technical analyst @DefendDark, known for his disciplined charting approach, highlighted the formation on social platform X and pointed to a potential breakout target of $6, should the asset breach the upper resistance of the triangle.

Supporting this thesis, Fibonacci retracement levels place key support at $2.04 and resistance near $2.20. A successful move above that resistance zone could trigger a broader rally, with intermediate price targets between $5 and $8 over the coming weeks.

Overlaying this structure is the Elliott Wave principle, a method used by market technicians to interpret investor psychology through wave patterns. According to this framework, XRP appears to be transitioning from a corrective phase into the next impulsive wave higher, aligning with the growing bullish outlook.

The technical setup arrives as macro sentiment for crypto assets shows signs of improvement. U.S. lawmakers are set to hold a pivotal hearing on April 9, titled “The Future of American Innovation and Digital Assets: Adjusting U.S. Securities Law for the Digital Age.” The event could influence the regulatory environment for tokens like XRP and Cardano’s ADA — both of which were referenced in January by former President Trump as part of a proposed U.S. crypto reserve strategy.

With technical patterns tightening and regulatory catalysts approaching, XRP appears to be entering a critical period — one that could determine whether the asset confirms its bullish structure or remains range-bound in the near term.