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The popular cryptocurrency XRP, which is currently the third biggest digital asset on the market with a capitalization of around $160 billion, may be poised for a significant price appreciation. At least at such an opportunity hints a fresh outlook from prominent analyst Ali Martinez.
In one of his recent posts, the expert analyst spotted an emerging pattern "cup and handle" in price action of XRP. If all the pieces of this technical analysis puzzle come in place, then the cryptocurrency may be poised for a breakout up to $3.35. Interestingly, this is where the all-time high for XRP is currently.
Alex DovbnyaAs it draws, the market may get at least a retest of previous highs.
Right now XRP is trading at around $2.76 per coin, correcting 18.76% from the highs set in January this year. The price outlook from Martinez, however, means the possibility of further dip in XRP's price.
On the other hand, this downward trend may form the "handle" of the pattern, so maybe that's a situation when you need to make a step back to make two forward. If the pattern validates, XRP may see a surge worth at least 21%, so maybe the prize is worth it.
Altcoin season, but it's XRP
If the $160 billion token will rewrite its all-time high for another time remains an open question. From one perspective, alternative cryptocurrencies had a tough time recently and many have buried the idea of altcoin season like it was in 2017 or 2021.
On the contrary, XRP has several triggers that are yet to come into full force like the exchange-traded fund launch in the U.S., or Ripple management flirting with the new U.S. administration, which may also open new venues for XRP adoption.
Arman ShirinyanUsually, most of the future events and news are "priced in" to the price action of assets, so if XRP is indeed printing the cup and handle pattern, the market may be on the verge of some breaking news regarding this coin.
Dan Burgin
Vladislav Sopov