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Leading cryptocurrency analyst Ali Martinez projected that XRP(CRYPTO: XRP) could have a technical target near $60 if it confirms a breakout from a nearly decade-long ascending triangle.
Will XRP Cross This Barrier?
Martinez posted on X an ascending triangle pattern on XRP’s monthly chart, highlighting $3.66 as a “key barrier.”
“A monthly close above it would confirm the breakout and activate a technical target near $60,” the analyst stated.
An ascending triangle is generally viewed as a bullish chart pattern that can precede an upside breakout. Price usually breaks above the horizontal resistance line, suggesting the prior uptrend is likely to resume.
For context, XRP has never come close to $60; its all-time high remains $3.84. If this forecast proves accurate, it would imply a staggering 4,185.71% surge from current levels.
Decoding XRP’s Technicals and Derivatives
The Awesome Oscillator, which compares recent price movements to longer-term averages, has issued a “Buy” signal for XRP
The Bull Bear Power indicator, which measures the strength of buyers and sellers, remained “Neutral,” and so did the Relative Strength Index, which hovered just above 50.
The Moving Average Convergence Divergence indicator, which compares two exponential moving averages of an asset’s price, meanwhile, flashed a “Sell” rating.
Moreover, open interest in XRP futures has risen by nearly 2% in a week indicating high speculative interest
Price Action: At the time of writing, XRP was trading at $1.40, down 0.94% in the last 24 hours, according to data from Benzinga Pro.
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Source: www.benzinga.com