An influential crypto analyst predicts that XRP, a payments altcoin, is set to see significant price increases after breaking out of a nearly seven-year consolidation phase.
Ali Martinez, a well-known analyst, shared his insights with his 96,200 followers on X, suggesting that XRP could surge by up to 245% from its current levels before the current bullish cycle ends.
Using Fibonacci extension levels to identify potential price targets, Martinez points out that XRP has the potential to climb higher following the breakout of a long-standing diagonal resistance that has kept the market bearish since early 2018.
“While some may view XRP as overbought, I see it as undervalued post its breakout from a significant multi-year symmetrical triangle.
Conservative target = $8.40
Optimistic target = $48.12.”
With XRP currently trading at $2.25, Martinez highlights that the altcoin has formed three consecutive bullish continuation patterns, indicating significant strength in its price action.
“XRP: three consecutive bull pennants! A retest of $2.25 could present a buying opportunity with a target of $4.40!”
Aside from XRP, Martinez also mentions the meme token Pepe (PEPE), noting that crypto whales have accumulated significant holdings of PEPE over the weekend.
“Whales increased their PEPE holdings by $1.14 billion on December 8th!”
Currently priced at $0.0000263, PEPE has seen a nearly 2% increase in value over the past day.
Regarding Ethereum (ETH), Martinez believes that the leading altcoin is on track to achieve new all-time highs as long as it maintains support above a key level.
Using the In/Out of the Money Around Price (IOMAP) metric to identify support and resistance levels, Martinez suggests that ETH could reach new highs with a minor resistance zone around $4,540.
At the time of writing, ETH is trading at $3,753.
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Generated Image: Midjourney