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XRP Poised for Significant Price Increase, Analyst Predicts
Breaking Out of Holding Pattern
A crypto strategist predicts that XRP is set for substantial price gains after breaking out of nearly seven years of stagnation. Analyst Ali Martinez believes XRP could surge by 245% from current levels before the end of the ongoing bull market cycle.
Ali Martinez, a well-known crypto analyst, suggests that XRP is on the verge of significant price growth after escaping a long-standing consolidation phase. Utilizing Fibonacci extension levels to identify potential exit points, he anticipates that XRP’s value could skyrocket following the breach of a key resistance level that has suppressed market sentiment since January 2018.
Martinez points out that despite some concerns about overbought conditions, he perceives XRP as undervalued following its breakout from a multi-year symmetrical triangle pattern. The analyst sets conservative and optimistic price targets of $8.40 and $48.12, respectively.
Bullish Continuation Patterns
Zooming in on XRP’s price action, Martinez highlights three consecutive bullish continuation patterns, indicating strong momentum for the altcoin. He suggests that a potential retest of $2.25 could provide a buying opportunity, with a target price of $4.40.
As of the latest update, XRP is trading at $2.25, experiencing a slight decline of over 2% in the last 24 hours.
PEPE Whale Accumulation
Additionally, Martinez notes that crypto whales have been accumulating the meme token Pepe (PEPE) aggressively over the weekend, with a notable increase in holdings totaling $1.14 billion.
At the time of writing, PEPE is valued at $0.0000263, reflecting a nearly 2% increase in the past day.
Ethereum’s All-Time High Potential
Regarding Ethereum (ETH), Martinez believes the leading altcoin is positioned to achieve new all-time highs as long as it remains above a crucial support level. He references the In/Out of the Money Around Price (IOMAP) metric to identify key support and resistance levels for ETH.
Martinez emphasizes that Ethereum has minimal obstacles on its path to setting new price records, with a modest resistance zone around $4,540. As long as the $3,560 demand zone holds, he favors bullish momentum for ETH.
At the current time, ETH is trading at $3,753.
The information in the article is for informational purposes only. It does not constitute any investment advice. The author and CryptoBlockNews.com are not responsible for your profits or losses arising from your investments. Investment is ultimately based on many foundations such as knowledge, accumulation, experience, research and personal decisions.
