XRP is signaling a possible bullish breakout, likely to elevate the asset to a new all-time high in the double digits.
This possibility comes as XRP consolidates just above the crucial $2 spot, with the $2.5 zone as the next immediate resistance to watch.
According to prominent cryptocurrency analyst Ali Martinez, XRP could potentially hit a $15 valuation because the digital asset has broken out of a symmetrical triangle pattern on the monthly chart, as noted in an X post on March 16.
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This symmetrical triangle pattern, which has formed since 2018, has historically preceded major price surges. As price action tightened, XRP recently broke above the upper trendline, signaling a potential uptrend.
If the breakout holds, XRP could enter a price discovery phase, with a projected target of $15, potentially pushing its market cap to $870 billion. However, key resistance levels remain, and any pullbacks toward the breakout zone could test investor confidence.
XRP’s key support to watch
Meanwhile, an analysis by Egrag Crypto on March 16 stressed that for XRP to push toward $3, the $2.2 support needs to hold firm. As per the analysis, XRP is trading within an ascending channel, with $3 as the next key area of focus.
If $3 is breached, the next major target aligns with the upper trendline, estimated at around $4.80 to $5.
The broader formation suggests XRP is in an extended accumulation phase, with a breakout potentially leading to a 510% upside, targeting $14.84 as a long-term projection. However, a failure to hold $2.22 could see XRP retesting lower support near $2.17 before resuming its uptrend.
As reported by Finbold, on-chain metrics support the possibility of an XRP rally, given that the asset has recorded an all-time high in the number of addresses near the seven million mark. However, the token could be volatile, given that Ripple is set to release significant XRP from its escrow holdings.
It is worth noting that the XRP community aims for sustained price growth after the asset broke out of a prolonged consolidation below the $1 spot.
One catalyst for this growth could stem from reports suggesting that the case between Ripple and the Securities and Exchange Commission (SEC) might be moving toward a resolution. Indeed, the legal tussle has long been cited as a factor suppressing XRP’s growth.
On the other hand, XRP may see strong capital inflows as several spot ETFs await SEC approval, with analysts estimating a 65% approval chance by October.
XRP price analysis
XRP was trading at $2.31 by press time, having plunged by over 5% in the last 24 hours. However, the asset remains green on the weekly chart, rallying by about 3.5%.
At the current price, XRP is showing weakness in the short term as it remains below the 50-day simple moving average (SMA) of $2.50 but well above the 200-day SMA of $1.64, indicating long-term strength.
Market sentiment is neutral, though the Fear & Greed Index at 30 suggests investor caution. Volatility is 8.44%, and the Relative Strength Index (RSI) at 50.50 indicates neither overbought nor oversold conditions.
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