In the world of crypto, XRP has been a beacon of relative stability amidst a sea of uncertainty. Over the last week, XRP’s price performance has stood out in the volatile cryptocurrency market. Despite the fluctuating crypto climate, XRP, a top-tier asset, has managed to maintain a level of steadiness.
Recently, the altcoin has been exhibiting a mostly lateral movement. However, current market speculations suggest that XRP could soon experience a bullish breakout. The burning question is how far the third-largest cryptocurrency can go in its next upward move.
On March 7, renowned crypto trader Ali Martinez shared his intriguing forecast for XRP’s value in the coming days on social media platform X. According to Martinez, the altcoin’s price seems primed for a noteworthy 23% breakout to the upside.
The prediction stems from the emergence of a symmetrical triangle pattern on XRP’s short-term chart. This technical analysis pattern is defined by a diagonally declining upper trendline and a diagonally ascending lower trendline.
Typically, symmetrical triangle patterns suggest a trend continuation, implying that the asset’s price is likely to persist in its initial trend direction before entering the triangle pattern. In the triangle pattern, the price converges towards the apex of the symmetrical triangle.
The price may eventually breach the falling upper trendline, indicating a bullish breakout, or drop below the rising lower trendline, signifying a breakdown. Although a trend reversal is possible, the price is more likely to maintain its original trend direction after the breakout or breakdown.
In XRP’s current setup, the altcoin seems poised for a breakout from the symmetrical triangle and a continuation of its upward trend. However, it is essential to observe at least two candlesticks closing above the upper trendline to confirm a bullish breakout.
Based on this analysis, Martinez predicts that XRP’s price could exceed $3 (a 23% surge from the current point) in the next few days. He calculated this price target by adding the length of the symmetrical triangle’s widest point to the breakout point.
At the time of writing, XRP is valued at $2.47, reflecting a decline of over 5% in the past 24 hours. However, XRP’s weekly performance remains robust, with approximately 15% growth over the past seven days.
