The XRP price is in an upward trend, reaching $3 earlier this week. The altcoin has since retraced slightly, although analysts remain confident that the rally is not yet over. A powerful breakout to $6 may happen once there’s a weekly close above $3, according to crypto analyst Ali Martinez.
Analysts Predict A $6 Target for the XRP Price
In an X post, Martinez, a widely-known technical analyst, mentioned a breakout of XRP over a multi-year symmetrical triangle. He pointed to a close above $3 in the weekly timeframe as the key to confirming the bullish breakout. He declared that a weekly close above this level could set the stage for a rally to $6 or even higher.
The XRP price had briefly touched $3 amid speculations that BlackRock may soon file for an XRP ETF. However, based on Martinez’s analysis, the key is for the altcoin to close the weekly chart above $3.
Meanwhile, this bullish structure was also confirmed by another top analyst, CasiTrades, in her X post. In her analysis, she pointed to a clean break-up above the Fibonacci level of $2.69, after which she expects a textbook backtest to occur. She said that the XRP price might reach $2.824 and then decline.
According to her, the coin is currently retesting resistance to flip as support. This setup is known as a classic bullish continuation pattern in technical analysis. CasiTrades expects the XRP price to break above $3 again very soon.
She also added that momentum indicators like the RSI are extremely strong, suggesting bulls are still in full control of the coin’s price trend. The analyst warned traders not to fear missing out (FOMO) and advised entries near $2.76 and $2.70 on any shallow retracement.
Rising Volume and ETF Buzz Contribute to Breakout Momentum
CoinGape reported that the coin’s volume and open interest have also surged significantly this week, hitting multi-month highs. They increased due to the anticipation of the ProShares XRP ETF, which further supports the bullish argument for the Ripple-associated cryptocurrency.
The massive trading volume of the XRP price on Korean exchanges, like Upbit, has also confirmed institutional and retail demand. Veteran trader Peter Brandt also posted his comments regarding the next price direction for XRP.
He believes the trend is only just beginning and said XRP will keep going “up up up.” Brandt’s XRP prediction is significant given that he is known for identifying major macro breakouts in crypto. Hence, his bullish call adds weight to the growing optimism surrounding the cryptocurrency.
Paul
Paul Adedoyin is a crypto journalist with 4+ years experience who provides timely news, in-depth research, and insightful content to inform and empower his audience. His works have been featured on sites such as CryptoMode, CryptoNewsFlash among others.
He holds a degree in Geophysics from OAU, Nigeria. When he’s not writing, he loves watching soccer and reading educative journals.
He can be reached via [email protected]
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
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