One of the famous cryptocurrency analysts, Ali Martinez (@ali_charts), who accurately predicted the price fluctuations of XRP during the conclusion of the lawsuit between Ripple and the U.S. Securities and Exchange Commission (SEC), recently made another bold statement about this digital currency.
XRP is Forming a Symmetrical Triangle
According to the price chart shared by Martinez on August 15, XRP is currently forming a symmetrical triangle. This is a type of technical pattern that often appears when prices enter an accumulation phase, with lower highs and higher lows. When the two trendlines converge, the price often has the potential to break out strongly in one direction.
On the chart, XRP is recorded at $3.10. The dotted trendlines suggest that the accumulation process will continue until the end of August. Martinez noted that if XRP can break through the resistance level of $3.26, this currency is likely to surge and head towards $3.90 right in the first week of September.
Opportunity for a New Peak After 7 Years
Currently, XRP is the third largest cryptocurrency in the market with a market capitalization of over $184 billion. This coin previously reached an all-time high (ATH) of $3.84 on January 4, 2018. If Martinez's prediction is accurate, XRP will officially set a new record at $3.90, marking an important milestone after more than 7 years of waiting.
Legal Progress Between Ripple and SEC
Also on August 15, lawyer James Filan stated that the SEC had sent a notice to the court, reiterating that the joint appeal agreement between the agency and Ripple to withdraw the appeal is still pending. This information indicates that the high-profile legal case is not yet completely closed, but the process has shown more positive signals.
The Market Needs a 25% Breakout
At the time of publishing the analysis, XRP was trading at $3.09. Therefore, to achieve the target of $3.90, the price of XRP needs to increase by about 25% in the short term. With the technical pattern and evolving legal context, many investors are hoping for a strong breakout that could lead XRP into a new growth cycle.
