[Digital Today reporter Yoonseo Lee (이윤서)] Some see XRP forming a strong bullish candle in the coming weeks.

On May 7, The Crypto Basic, a blockchain media outlet, reported that market analysts see XRP retracing a price pattern that has repeatedly appeared on the higher time frame. They see a fuller uptrend potentially starting after a break above resistance at $3.35.

XRP is currently moving sideways while holding key support levels. The market is watching whether this range is a simple correction or a consolidation stage ahead of an upside breakout.

Market analyst CW said in a recent price outlook that XRP is showing a bullish signal on a three-week chart basis. XRP posted its first bullish candle in late March after three consecutive bearish candles over that period, and the current candle could close as a second consecutive bullish candle, CW said. CW in particular expected a "bigger bullish move" in the next candle.

Technical indicators also point in the same direction. The relative strength index has moved above its moving average. CW interpreted that as a sign that the market is regaining strength.

The core basis is a fractal structure repeated on the long-term chart. On the chart, XRP has entered a symmetrical triangle after a previous cycle peak, then went through step-by-step corrections, and later broke above the upper boundary to set a new high, CW said. The first instance ran from 2013 to 2017, when XRP rose from about $0.0059 to $0.439. CW judged that the second fractal now forming has entered the final stage of the same pattern.

This structure is divided into four stages. Stage 1 is the late uptrend phase, when XRP makes a final surge and prints a peak. In this cycle, the move from $0.43 to the 2018 peak of $3.35 corresponds to that stage. Stage 2 is the pullback after the peak. Stage 3 is a sideways phase of declining volatility that prepares for a breakout.

The stage now drawing the market's attention is Stage 4. In this stage, price expansion appears after a break above the top of the symmetrical triangle. CW said XRP already broke out once in November 2024 and has now entered a move to retest that breakout area. CW said, "The real rally begins when it clears the all-time high (ATH) resistance near $3.35." CW added that the same scene appeared in the first fractal in 2017, after which XRP sustained a run of large bullish candles.

At current prices, XRP would need to rise another 137 percent to reach $3.35. If it clears that resistance on the chart, the measured target was presented as $20. That would represent a 1,318 percent rise from current levels. Another analyst, Hov, also said XRP could rise to $15 to $20 based on an Elliott Wave pattern.

Still, the market's direct inflection point remains $3.35. Until XRP clears that level, the move can be interpreted as a retest phase after a symmetrical triangle breakout. As a result, key points to watch remain whether the three-week bullish candle can be sustained in the short term and, over the longer term, whether XRP can actually break through the prior peak resistance.

$XRP is forming a second bullish candle after the golden cross. A bigger bullish candle is expected to appear in the next candle. The real rally begins after the ATH breakout. pic.twitter.com/vmt5yRaYSb