Cryptocurrency on-chain analyst Ali Martinez highlighted on November 9 that XRP may be setting up for a significant upside move.
According to Martinez, the token is forming a bullish flag on the monthly chart, a classic continuation pattern that often precedes major price breakouts. His view suggests that a brief pullback could create the conditions needed to propel XRP toward double-digit prices.
“XRP is forming a bullish flag, and a dip to $1.90 could be the spark for a rally toward $10,” Martinez wrote.
A bullish flag forms when an asset experiences a sharp upward price movement, followed by a period of sideways or slightly downward consolidation, with consolidation usually taking place within parallel trend lines, resembling a flag on a pole.
The initial surge is known as the flagpole, and the price action that follows represents a pause in momentum rather than a reversal. Once the pattern matures, breaking above the upper trend line typically signals trend continuation.
XRP price action
In XRP’s case, the initial rally earlier this year created the flagpole, while recent monthly candles have moved within a narrowing range between approximately $1.90 and $3.10. Martinez’s chart indicates that a retest of the lower boundary around $1.90 would maintain the structure, potentially attracting buyers who view the level as key support.
A confirmed breakout above the $3.30 to $3.50 resistance zone would then validate the pattern and open the door for a measured move toward $10 based on historical price behavior and technical projection.
At the time of writing, the token is trading at $2.51, up 10.27% over the past 24 hours with a market cap of $152 billion. If XRP were to hit $10 it would have a market cap of roughly $600 billion, the largest in the token’s history.
