Top Analyst Reports Massive Breakout For XRP Price, Eyes $10 As Next Milestone
On Wednesday, XRP prices soared to their highest valuation in seven years, briefly reaching $3.02, a surge of nearly 30% over the past two weeks.
This impressive performance contrasts with the broader cryptocurrency In the market, major players such as Bitcoin (BTC) and Ethereum (ETH) have been struggling to maintain their upward momentum.
Analyst Highlights ‘Massive Bullish Breakout’ for XRP Price
Analysts are now predicting that XRP price and its upward trajectory may continue, driven by strong momentum. buying pressure and positive market sentiment over the past month.
Notably, market expert and technical analyst Ali Martinez recently stated in a social media post on X (formerly Twitter) that he called the XRP price a “massive bullish breakout.”
according to According to Martinez’s analysis, on-chain data indicates a massive accumulation of XRP tokens, with more than 1.1 billion tokens purchased in the past week alone. This aggressive buying activity creates a sense of momentum and is further supported by technical indicators.
Martinez further highlighted that XRP price has broken out of a bull pennant formation, a classic bullish pattern that suggests further price gains may be imminent.
Analysts believe that if the current buying trend continues, XRP price could reach all time high $10, significantly surpassing the current record of $3.40 set in 2018. However, not all indicators point to outright success.
Martinez also Highlight The TD Sequential indicator, a popular tool among traders, has issued a sell signal on the 4-hour chart of XRP price, indicating that a price correction may be imminent in the near term.
Key hurdles for XRP’s continued bullish momentum
Another analyst named Dom compared the current price action to XRP price action in 2017, which made XRP holders even more optimistic.
Dom’s analyze Displaying a striking fractal pattern, XRP went through a 25-day consolidation phase before experiencing a sharp rise.
Currently, XRP has consolidate Lasting about 30 days, Dom predicts that a similar bullish breakout could occur, with the potential for a new all-time high.
As of latest trading, XRP has retreated slightly to around $2.93, attempting to use that level as support for future gains.
However, the $3 mark remains a formidable resistance level, representing a barrier that has not been surpassed in more than seven years. get over this critical point It will be crucial for XRP to maintain its bullish momentum and for traders to have confidence in the altcoin’s long-term trajectory.
Featured images from DALL-E, charts from TradingView.com
