Ali Martinez (@ali_charts), one of the prominent cryptocurrency analysts who accurately predicted the price movement of XRP during the final stages of the lawsuit between Ripple and the U.S. Securities and Exchange Commission (SEC), recently conducted another bold assessment of the digital currency.
XRP is forming a symmetrical triangle pattern
According to a price chart published by Martinez on August 15, XRP is currently forming a symmetrical triangle pattern. This is a technical pattern that often appears when the price enters an accumulation phase, with lower highs and higher lows. When the trend lines converge, it is likely that the price will break strongly in one direction.
On the chart, XRP's price was recorded at $3.10. The dotted trend lines show that the accumulation process will continue until the end of August. Martinez stated that if XRP can break the resistance level at $3.26, it is likely to rebound and head towards $3.90 in the first week of September.
Opportunity to reach a new peak after 7 years
Currently, XRP is the third largest cryptocurrency in the market, with a market cap exceeding $184 billion. This coin reached its all-time high (ATH) of $3.84 on January 4, 2018. If Martinez's prediction holds, XRP will officially record a new all-time high at $3.90, marking a significant achievement after more than 7 years of waiting.
The legal progress between Ripple and the SEC
On August 15 as well, lawyer James Filan stated that the SEC sent a notice to the court, confirming that the joint appeal agreement between the agency and Ripple to withdraw the appeal is still under consideration. This information shows that the prominent legal case has not been definitively closed yet, although the proceedings have shown positive indicators.
The market needs a 25% breakout
At the time of writing this report, XRP was trading at $3.09. This means that XRP needs to rise by about 25% in the short term to reach its target of $3.90. Given the evolving technical and regulatory landscape, many investors expect a strong rise that could drive XRP into a new bullish cycle.
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