Technical analysis (TA) of XRP reveals that the popular cryptocurrency might be preparing for a breakout that could take it more than 10% higher, per an X post published by the popular trading expert Ali Martinez on September 30.
Specifically, the trading expert explained that the token has been forming a symmetrical triangle chart pattern with its recent hourly moves.
A symmetrical triangle is a formation that emerges when an asset’s price consolidates by recording a series of lower highs and higher lows and often results in a breakout; however, the following major move can either be bullish or bearish.
For XRP, at press time on October 1, hitting $1.54 appears to be crucial for an upward move to be confirmed, per the analysis published by Ali Martinez, and should the cryptocurrency achieve such an hourly close, it could soar to $1.70 – its highest price since January.
Here’s when XRP price could reach $1.70
Meanwhile, the token’s action since the trading expert made the X post appears to indicate that the setup remains relevant on Thursday.
Indeed, Martinez traced the likely trajectory as an initial drop from Wednesday’s $1.51 toward $1.48 on Thursday, followed by another rise above $1.50 and another plunge ahead of the final breakout.
By press time, XRP had already hit and failed to maintain $1.54 on September 30 and is, on the morning of October 1, changing hands at $1.48.
Furthermore, should the outlined trajectory prove correct, the cryptocurrency should soar toward $1.60 after its next rise to $1.54 before halting for approximately one day and finally climbing to the $1.70 target, likely on Saturday, October 3.
XRP price might be headed for $60 in the long run
Elsewhere, though short-term performance remains unpredictable, the majority of traders, analysts, and other observers have been growing increasingly bullish regarding XRP and other digital assets since noticing a growing number of indicators that a bull market is in the cards in early August.
For example, Martinez himself published a highly optimistic analysis in early September, positing that XRP has been forming a massive ascending triangle pattern for approximately a decade.
This setup can, per the trading expert, be fully confirmed once the token hits $3.66 and could bring a long-term high target of $60 into play.
Notably, however, XRP could take a long time to run the bullish course since, for example, the collective wisdom of prediction market participants does not expect a rise to a far lower $2 before late 2027.
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