The general outlook for Ripple’s XRP in May is bullish, particularly among traders and investors. As market analysts observe, XRP bulls are well on their way to kickstart a bullish rally that could send the asset to new highs.
In a recent post shared on X, pseudonymous analyst Ali_Charts made a bullish call, citing a new uptrend in XRP’s technical chart as a potentially bullish signal that could result in a 6x increase in the altcoin’s price value.
According to the analyst, a symmetrical triangle has been in motion since 2018. As buying pressure increases, the pattern is fully in motion, and XRP bulls could target the $15 price point in the coming weeks.
https://twitter.com/ali_charts/status/1921546856804294917?s=46&t=qzsvHvtDB3yjTaoaylh-2g
The symmetrical triangle pattern is a chart pattern typically observed during price consolidation, occurring before a price breakout or breakdown. As such, the analysts’ bullish outlook could also be tested if a price reversal occurs. Given the sideways nature of the trend, it is primarily considered neutral.
Meanwhile, fundamental factors also appear favorable for the coin. With the SEC announcing a settlement agreement, the legal battle between the two parties is expected to end soon. This development is expected to benefit both Ripple and XRP.
XRP bulls are eyeing the $3 price mark
Along with low exchange inflows, market indicators have flashed several buy signals for XRP. In contrast, the SuperTrend signal flashed bullish for the first time since March, further validating a bullish uprising, as the asset inches closer to $3.
With weekly gains surpassing Bitcoin’s, above 11%, XRP has emerged as the second-best-performing altcoin besides Ethereum from the previous week. At the time of this report, XRP is valued at $2.52 per coin, while trading volume has skyrocketed past $8.4 billion.
