As XRP added more than $19 billion to its market capitalization over the past 30 days, Ali Martinez, a popular cryptocurrency analyst, believes the token is preparing for at least another 24% pump.
Martinez expects the native token of the XRP Ledger (XRPL) to rally to $1.70, according to an X post on August 30. As XRP traded at approximately $1.37 on Monday, August 31, he suggests a potential 24.09% upside.
This analyst argued that XRP price has entered its first major correction after its 71.8% rise this month, up from $0.988 on August 17 to $1.698 on August 22. Most importantly, he noted that this token’s price has broken out of a symmetrical descending triangular pattern, thus at the cusp of a new uptrend towards a fresh local high.
“After rallying 71.8% from $0.988 to $1.698, XRP has entered a 20% correction and is now testing a major support zone,” he added.
Martinez has set several key targets for XRP price to watch based on its UTXO Realized Price Distribution (URPD), an on-chain metric that shows the amount of a crypto that last moved within specific price ranges, hence revealing where investors acquired their coins. Specifically, he pointed out $1.60, where 1.99 billion XRP were traded; $1.68, where 1.98 billion tokens were traded; and $1.86, where 3.47 billion tokens were traded.
XRP price action
Following a sharp price uptick in mid-August, XRP price could be forming a bullish flag, a technical chart pattern that signals the continuation of an existing upward trend. At the time of writing, this altcoin had a market capitalization of roughly $86.24 billion.
Over the past 24 hours, this token had a reported trading volume of about $2.71 billion, up 121% on the day. If this token continues to experience heightened demand in its spot and derivatives market, Martinez’s target could be achieved and surpassed.
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