Less than a day after highlighting that XRP flashed a sudden ‘Buy’ signal, the popular trading expert Ali Martinez estimated that the popular cryptocurrency could soon aim for a breakout above $2.
The initial X post with the bullish alert came as the digital asset was surging back toward $1.30, and then formed what appeared to be an inverse head-and-shoulders bottom later on October 27.
Martinez set his initial target at $1.40 but then assessed that XRP could now be targeting a rise to $1.55.
Furthermore, the trading expert estimated that a daily close above the $1.55 level could then lead to a bullish breakout that could take the token to a breakout above $2 and to $2.10.
Notably, the on-chain analyst also warned that the support at $1.25 remains crucial, as losing it would likely lead whales – large cryptocurrency holders – to continue taking profit. If this bearish scenario plays out, Ali Martinez warned that XRP could drop below $1 and to $0.98.
XRP price performance
Meanwhile, XRP has been trading with significant volatility in the last five days but has remained on an overall uptrend. Indeed, it started on Saturday at $1.29 and, despite falling as low as $1.26 in subsequent trading, it nonetheless climbed an overall 2.64% to $1.33 by press time on Wednesday, October 28.
Still, the cryptocurrency remains rather far from recovering from its monthly losses and is 12.52% in the red on the monthly chart.
Lastly, should Ali Martinez’s bearish forecast – a drop to $0.98 – play out, it would entail a 26.32% decline from the press time price.
A bullish trajectory, on the other hand, would first take XRP 16.54% higher to $1.55, and, after the level is defended, another 35.48% up to $2.10 for a total 57.89% gain from $1.33.
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