A prominent cryptocurrency analyst – Ali Martinez – recently shared the opinion that XRP's price could surge to a new all-time high of $4.80 if the coin closes the weekly candle above the $3.00 threshold.
Parallel Channel Pattern for Breakout Signal
Martinez relies on the Parallel Channel model in technical analysis to make this forecast. This is a model that shows the asset price fluctuating within a stable range, with two parallel trend lines:
The upper line acts as resistance
The lower line acts as support
When the price breaks out of one of the two boundary lines, the next trend may be strong in the direction of that breakout.
Three Forms of Parallel Channels
Ascending Channel: Both trend lines have a positive slope.
Descending Channel: Two lines with negative slope.
Sideways Channel: Two horizontal lines – indicating sideways accumulation.
In the current case of XRP, the sideways channel pattern is the main model that analysts are watching.
XRP is Approaching Resistance Zone $3
The weekly price chart of XRP shows that this coin has surged and is approaching the upper resistance line of the parallel channel – around the $3.00 area. This is also the area where XRP was previously rejected from a strong upward move.
"If XRP can close above $3 by the end of the week, it could open up a strong breakout to a new historical peak at $4.80" – Martinez commented.
From the current price level, an increase to $4.80 would yield a potential profit of about 56% – a very noteworthy figure for investors interested in XRP.
However, it is still necessary to closely observe the price reaction at the $3 level, as if it cannot break through, the possibility of XRP reversing for a correction cannot be ruled out.
Not Only XRP – Ethereum is Also Approaching Important Resistance
In another post, Martinez also mentioned Ethereum (ETH). The weekly price chart of ETH is also moving in a parallel channel pattern, with a strong upcoming resistance at $3,980.
"If ETH can surpass this level, a strong growth phase may be triggered" – the analyst emphasized.
Conclusion
The cryptocurrency market is in a period of high volatility, and technical patterns such as the parallel channel are providing important signals about the upcoming trend. For XRP, a weekly close above $3 could be the "key" to opening the door for a major bull cycle – targeting $4.80.
However, as always, investors need to closely monitor price movements and combine additional factors such as fundamentals, market sentiment, and cash flow to make informed investment decisions.