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Popular market analyst Ali Martinez recently predicted that Ripple-backed XRP could soon hit the $6 milestone. This forecast comes amid an ongoing rally in XRP, which has led to the coin climbing over $3.60.
Bullish case for XRP price breakout
In an X post, Martinez noted that XRP’s move toward $6 is dependent on its ability to break out of a triangle. The analyst posted a chart that showed XRP had formed a descending triangle on the price chart.
Notably, a descending triangle pattern is formed by two converging trend lines. The upper trend line connects the lower highs, while the lower trend line connects the higher lows. The triangle is a bearish technical chart pattern that indicates a continuation of a downtrend in price action.
Hence, the ability of XRP to break out of this pattern would signal a potential breakout. According to the chart highlighted by Martinez, the Ripple-linked coin faces critical resistance at $4.17, $4.60 and $5.40.
If XRP successfully crosses these levels, combined with sustained volumes, the coin could easily reach the $6 mark. On the downside, the price of XRP may experience volatility if it fails to surpass the key resistance level.
XRP rally above $3.60
Currently, momentum for the Ripple-linked coin is building. According to CoinMarketCap data, the XRP price has surged 2.3% over the past 24 hours to $3.61. As reported earlier by U.Today, this $3.6 price is close to $3.85 high achieved in January 2018.
Over the past week and month, XRP has rallied 21.2% and more than 70%, respectively. Additionally, the daily trading volume increased by 28.2% to $9.36 billion. This surge indicated that market activity for the coin is high, as investors await higher prices.
Meanwhile, Martinez is just one among several analysts who have predicted significant price outcomes for the Ripple-linked coin. In a previous report, CryptoDonAlt on X forecasted XRP reaching $10.36.
The analyst highlighted that the XRP/BTC has broken above 0.000025 on the monthly chart. This level has acted as a resistance since early 2022.
Vladislav Sopov
U.Today Editorial Team