Outside Source
TL;DR
- Ripple’s cross-border token recently broke out of a years-long technical pattern that suggests another rally is around the corner.
- Popular crypto analyst Ali Martinez outlined a slightly ridiculous price tag of $15, which would require a mindblowing surge.
Being one of the largest cryptocurrencies for roughly a decade, XRP has attracted a substantial community that remains bullish no matter the current developments.
Although the asset struggled for years after the 2017/2018 cycle, they kept making bold predictions and some of their faith was rewarded after the US presidential elections when XRP jumped from under $0.6 to match its 2018 ATH of $3.4.
However, it couldn’t keep the momentum going, and the subsequent market-wide crash pushed it south hard. As of now, Ripple’s token, which could soon be categorized as a commodity in the US, trades at around $2.38.
The positive predictions continue, and the latest to highlight a notable target for XRP was Ali Martinez, who said:
“Since January 2018, XRP appears to be forming a symmetrical triangle pattern, indicating a potential bullish continuation where every lower high XRP made created a descending trendline at the top and every higher low created a rising trendline at the bottom. Now that XRP has broken out of the triangle, there’s a chance XRP can continue rising to reach a target of $15.”
The aforementioned current price tag means that the asset needs to surge by approximately 530% to reach that line, which sounds somewhat outrageous given the market conditions as of late. Moreover, it would put its market cap at close to $900 billion, which would be a lot higher than ETH and close to BTC.
Although the $15 target does seem difficult to achieve, let’s not forget that XRP skyrocketed by 470% in mere months after the elections. Moreover, a potentially favorable resolution in the Ripple vs. SEC lawsuit and an approved XRP ETF could boost the asset north once again.
This article first appeared at CryptoPotato
