A prominent analyst, Ali Martinez, has reiterated that XRP has the potential to hit a two-digit price this market cycle, pointing to its long-term symmetrical triangle formation as a key indicator. Despite recent bearish sentiment and a turbulent market, Martinez remains optimistic about XRP’s future trajectory.
### **XRP’s Recent Performance**
XRP has faced significant downward pressure, dropping nearly 29% from its mid-January peak of $3.4. Earlier this month, the asset attempted a recovery but encountered resistance, resulting in an 18.83% intraday decline on March 3—the largest since the Terra collapse in May 2022. Despite this volatility, Martinez believes XRP’s path to $15 remains achievable.
### **The Seven-Year Symmetrical Triangle**
Martinez highlighted a seven-year symmetrical triangle formation that began in January 2018, when XRP fell from its all-time high of $3.8. Over this period, XRP formed lower highs, creating a descending trendline at the top, while higher lows established an ascending trendline at the bottom. This pattern culminated in a symmetrical triangle, a technical formation often associated with significant breakouts.
In November 2024, XRP broke out of this triangle with a massive 283% surge, fueled by market optimism following Donald Trump’s presidential victory. This marked XRP’s largest monthly gain in seven years and signaled the start of a potential sustained uptrend.
### **Retesting the Breakout**
Following its breakout, XRP experienced a pullback amid broader market declines. Martinez suggests this is a natural retest of the triangle breakout. Even if XRP drops below $2, the breakout remains valid as long as it stays above $1. Such retests are common and often confirm the strength of the breakout before another significant upward move.
Martinez maintains that XRP’s $15 target is still in play, with the asset likely to aim for this level once it recovers from the current correction. He likely derived this target by measuring the height of the triangle’s widest point and projecting it upward from the breakout level.
### **Current Market Dynamics**
As of now, XRP is trading at $2.43, up 13.7% this month. To reach $15, the asset would need to rise by an additional 517%. However, short-term resistance lies between $2.5 and $2.62, as highlighted by analyst CW. A decisive break above this level could pave the way for a smooth climb to $2.8 and beyond.
### **Key Takeaways**
- XRP’s symmetrical triangle breakout in November 2024 set the stage for a potential long-term uptrend.
- The current pullback is seen as a retest of the breakout, with $1 as a critical support level.
- A $15 target remains plausible, though significant resistance levels must be overcome.
Disclaimer: This content is for informational purposes only and should not be considered financial advice.
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