The seventh-ranked cryptocurrency XRP surged from $0.599 to $0.655 since the last week of July. This rise is driven by expectations surrounding the SEC and Ripple. According to crypto analyst Ali Martinez, reaching the critical breakout point of $0.90 could trigger a significant bull market for investors.
Symmetrical Triangle Breakout Point
Martinez predicts that breaking XRP’s long-standing symmetrical triangle formation will lead to a substantial price increase. Martinez detailed this formation in his analyses shared on social media platform X, noting that XRP has been consolidating in this pattern for six years, and this breakout could signify new beginnings for investors. Access COINTURK FINANCE to get the latest financial and business news.
XRP reached a record high of $3.40 in early 2018, only to drop to $0.11 in 2020. According to Martinez’s analysis, after this drop, XRP’s price formed a symmetrical triangle by showing lower highs and higher lows. Breaking this formation could herald a new upward trend for XRP.
Expecting a Bull Market Breakout
Martinez emphasized that symmetrical triangle formations in the crypto world often precede significant price movements. Breaking this formation for XRP could lead to a substantial increase in its market value. Martinez noted that the $0.90 level is particularly critical, and surpassing this level could result in a significant surge for XRP.
On the other hand, the resolution of the Ripple-SEC lawsuit could also be a turning point for XRP. A favorable outcome in this case could further boost XRP’s price. Santiment data indicates that major investors are increasing their XRP holdings, strengthening the expectation that the cryptocurrency could gain more value in the future.
Investors Keep a Close Watch on XRP
Comments from Martinez and other crypto analysts are raising investors’ hopes about XRP’s future potential. Resolving the legal issues between the SEC and Ripple and breaking the symmetrical triangle formation could initiate a new upward trend for XRP.
XRP appears to offer significant opportunities for investors tracking these technical formations and legal developments. The future performance of the cryptocurrency will depend on the outcome of these two main factors. At the time of writing, XRP was trading at $0.58.
