XRP $15 Breakout? Not A Far-Fetched Idea—Analysis

After dropping to less than $2 last March 11th, Ripple’s XRP springs back to life and it’s currently trading between $2.30 and $2.40. And with the US Securities and Exchange Commission vs Ripple case nearing its resolution, the market can expect more price volatility for this digital asset.

Within this context, market analyst Ali Martinez boldly claims that Ripple’s native coin still have the legs to hit a two-digit figure this cycle, using an extensive symmetrical triangle formation as a solid basis. 

Martinez’s view runs opposite the bearish statements from other commentators. XRP has been on a slide lately, affected by the broader crypto fall, dipping by around 25% from its $3.40 high achieved mid-January.

XRP Gradually Builds Its Symmetrical Triangle

Like most cryptos, XRP continues to have a highly volatile market performance. The token attempted a recovery early this month but met resistance, leading to a steep decline on March 11th. Interestingly, a few commentators remain bullish on the altcoin, including Martinez, who sees the token on track to reach $15.

In his latest commentary, shared via a Twitter/X posting, Martinez highlighted the seven-year symmetrical triangle formed by this asset, which dates back to January 2018, when it dropped from its $3.80 high.

Even before Martinez shared this observation, several commentators reported the triangle’s formation, suggesting that a breakout could lead to a price run.

The Ascending Trendline

According to Martinez, XRP formed its lower highs in January 2018, extending the descending trendline on top. As the crypto witnessed higher lows during this time frame, it extended its ascending trendline below, creating a symmetrical triangle.

Interestingly, XRP exited the symmetrical triangle structure following the November US elections. Ripple’s native token surged by 280% for the month, marking the biggest 30-day increase for the asset in seven years.

Along with surprising traders, this breakout inspired fresh hope among XRP enthusiasts. While some experts noted that past breakouts do not automatically ensure continuous rallies, many saw this spike as evidence of possible long-term strength.

Still, the dramatic price fluctuation sparked conversations on XRP’s future, particularly in light of further government changes and more general market movements.

Ripple’s XRP is currently trading at $2.37, which is 2% up in the last seven days. 

XRP Currently Retesting A Breakout

After two months of upside, Ripple’s XRP is on a downturn, reflecting the broader crypto market sentiment. According to Martinez, XRP’s price is currently retesting the triangle chart breakout. He also suggested that even if XRP slips below $2, it’s still on track for a breakout, as long as it stays above $1. Armed with the charts, Martinez believes that XRP hitting $15 is not a far-out idea. 

Featured image from StormGain, chart from TradingView

How useful was this post?

Click on a star to rate it!

Average rating 0 / 5. Vote count: 0

No votes so far! Be the first to rate this post.

Latest posts

post-thumbnail
Crypto News: Hackers Target Kaito AI with False Claims of Wallet Compromise
The post Crypto News: Hackers Target Kaito AI with False Claims of Wallet Compromise appeared first ...
READ MORE
default post thumbnail
XRP Price Must Close Above This Level For Bullish Breakout, Analyst Warns
XRP has struggled to gain momentum, with its price caught in a downtrend since the beginning of Marc...
READ MORE
default post thumbnail
TON Price Jumps 20% Following Positive News On Telegram Founder
The TON price has reclaimed the $3 mark with an over 20% spurt on Saturday, March 15. This price spi...
READ MORE
default post thumbnail
Stellar (XLM) Price Could Surge To $0.38 — Analyst Explains How
After a turbulent start to the week, the Stellar price seems to be finding some stability, briefly c...
READ MORE
default post thumbnail
Bitcoin To $10,000? Top Analyst Issues A Stark Warning
An analyst revealed on Friday that Bitcoin might suffer a 91% decline from the coin’s all-time hig...
READ MORE
default post thumbnail
Best Presales to Explode After Trump’s WLFI Ends $590M Token Sale
Trump-backed crypto investment firm World Liberty Financial has raised $590M in the $WLFI token sale...
READ MORE
Read more posts