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A popular analyst has painted a fresh bullish outlook for the XRP price, putting forward a short-term target around the $3 mark. Here is the altcoin’s potential path to this price target over the coming days. Is A Return To $3 Feasible For XRP?
Crypto analyst Ali Martinez took to the social media platform X to share an exciting analysis of the XRP price. According to Martinez, the third-largest cryptocurrency could be gearing up for a 14% price move in the next few days. Related Reading Bitcoin Price Suppression Below $100,000 Worries Investors, JPMorgan Analysts Reveal Real Problem 21 hours ago
This bullish forecast is based on the formation of a symmetrical triangle pattern on the 1-hour timeframe of the XRP price chart. The symmetrical triangle is a chart pattern used in technical analysis characterized by a diagonal falling upper trendline (connecting the swing highs) and a diagonally rising lower trendline (along the swing lows).
Typically, the asset price narrows and moves toward the apex in a symmetrical triangle pattern. The price will eventually breach the upper trendline for a breakout or breach the lower trendline forming a breakdown. This symmetrical triangle formation could serve as a continuation or reversal pattern depending on the direction of the break.
However, symmetrical triangles usually tend to be continuation break patterns, meaning the price tends to break in the initial trend direction before it fell into the triangle pattern. If this logic is to go by, the XRP price is likely to continue its upward movement after it breaks out of the current layout.
Nonetheless, it is important to wait for the close of at least two candlesticks above the upper trendline to confirm a bullish breakout. As shown in the chart below, the price target is determined by adding the length of the widest point of the triangle (or base) to the breakout point. Source: Ali_charts/X
Using this strategy, Martinez projected that the XRP price could be preparing for a 14% upward swing from its current point. This means investors could see the altcoin travel to as high as the $3 region over the coming days. XRP Price At A Glance
As of this writing, the price of XRP stands around $2.55, reflecting an over 1% decline in the past 24 hours. While XRP has been one of the best-performing assets in recent weeks, the last seven-day period was not particularly favorable for the altcoin. According to data from CoinGecko, the XRP price has declined by nearly 10% in the past week. Related Reading Dogecoin Whales Go On A 110-Million Memecoin Buying Spree—What’s Next For DOGE? 1 day ago The price of XRP on the daily timeframe | Source: XRPUSDT chart on TradingView Featured image from iStock, chart from TradingView