XRPs 525% Rally? Analyst Sees $15 Target Despite Recent Pullback
- Analyst Ali Martinez predicts XRP could still surge to $15 despite downturn.
- XRP needs a 525% increase from $2.40, following a symmetrical triangle breakout.
- Strong sell wall at $2.5-$2.62 may cause short-term resistance before further gains.
Market analyst Ali Martinez continues to hold a firm belief that XRP retains the potential to reach $15, despite its recent downturn. His optimism is based on the presence of a large symmetrical triangle pattern that has been forming over a span of seven years. Although general market factors have exerted downward pressure on XRP, Martinez asserts that the pattern indicates the upward movement is far from over.
XRP has been struggling lately, experiencing a decline of 29% from its January peak of $3.4. This drop has intensified doubts regarding the tokens potential to regain lost value. Nevertheless, Martinez highlights past data, especially the symmetrical triangle pattern that has influenced XRPs price trajectory following its fall from the 2018 all-time high of $3.8.
Martinez, in his recent analysis, pointed out that the asset has continuously set lower highs from 2018 onward, maintaining a downward-sloping trendline. Meanwhile, the occurrence of higher lows has resulted in an upward-sloping trendline. This specific pattern, referred to as a symmetrical triangle, has historically preceded major breakouts for various assets.
A Breakout Followed by a Retest
In November 2024, the cryptocurrency experienced a 283% increase following Donald Trumps presidential victory, representing its largest monthly rise in seven years. This upward movement validated the breakout of the long-established symmetrical triangle, positioning the cryptocurrency favorably for potential further appreciation.
Nevertheless, the broader slump in the crypto sector has, in turn, contributed to a downturn, with XRP facing notable resistance. On March 3, the altcoin experienced a sharp decline of 18.83% in just one dayits most substantial drop since the Terra market incident in May 2022.
At present, it maintains a position above $2, a level Martinez considers critical. Even if the price temporarily falls below this point, he asserts that the breakout remains intact as long as it does not drop under $1. A successful retest could reinforce the breakout, potentially setting the stage for the next upward move.
Can XRP Defy the Market and Reach $15?
Martinez upholds his $15 price prediction, stating that XRP is undergoing a necessary retracement before its next rise. His projection comes from evaluating the maximum width of the symmetrical triangle and extending that value from the breakout point.
Currently at $2.40, XRP would require an approximate 525% increase to attain the projected value. Although such a rise appears improbable given the existing market sentiment, past occurrences indicate that assets emerging from prolonged chart patterns have often experienced sharp upward movements.
Adding another layer of complexity, analyst CW has identified a substantial selling barrier positioned between $2.5 and $2.62, which may act as a short-term impediment. However, he holds the view that if XRP manages to surpass this particular zone with strength, the price may have a relatively smooth rise toward $2.8.
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Read more: https://www.tronweekly.com/xrp-525-percent-rally-analyst-sees-15-target/
Text source: TronWeekly
