The crypto market experienced a positive price action on August 13, and XRP has had its share of the market bull run.
Amid the positive price movement witnessed today, crypto analyst Ali Martinez has predicted a potential breakout for the asset in a recent X post.
Following the mixed price actions experienced over the past day, the analyst revealed that XRP has completed a key bullish retest, fueling hopes among traders for a potential breakout in the price of the cryptocurrency.
XRP headed for $3.60
In his post, Ali shared a technical analysis showcasing XRP’s price movement on August 13, which saw it successfully reclaiming the key resistance level at $3.27. While this signals renewed upward momentum, it has ignited optimism among its retail and institutional investors.
With the past days seeing XRP consolidate in a downward trajectory, the notable surge it witnessed today suggests something big is coming. The chart showcased by the analyst suggests that XRP is now ready to reclaim its $3.60 breakout.
Although XRP has traded around $3.2 for the most part of the day, the chart shows projections pointing toward the next major resistance at $3.37. This potential surge is expected to extend toward $3.51 and eventually reach the $3.60 mark if the current bullish momentum persists.
Apart from the breakout experienced in the price of XRP today, the shift in investors’ sentiment witnessed across the broad crypto market signals major price recoveries as market participants keep a close watch on altcoins for potential price rallies.
While XRP’s path to $3.60 seems clear, analysts have warned of potential price drawbacks that may cause a brief delay in the next breakout. As such, it is important for the third-largest cryptocurrency by market capitalization to maintain support above $3.27 to achieve its new $3.60 target.
Nonetheless, investors have shown confidence in the sustainability of the XRP price rally amid surging buy activity among retail and institutional investors.
While XRP has multiple histories of explosive moves once a key resistance level is broken, its price move over the past hours that saw it break the $3.27 resistance level has investors confident that its next explosive breakout is near.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team