XRP Breakout Confirmed, Next Target at $1.70
XRP's price has been fluctuating near $1.42 after pulling back from its recent high of $1.69, but technical analysis suggests a potential breakout. According to top crypto analyst Ali Martinez, XRP has cleared resistance and is now targeting the next key level at $1.70.
The chart shows that XRP moved out of a descending trendline that had capped its price throughout the week. The current breakout area is crucial for maintaining upward momentum. If XRP can hold above this level, it could strengthen the breakout and bring Martinez's target into focus.
A move through $1.50 would be the first major hurdle to overcome. If XRP reaches $1.70 and breaks that level with strong buying, the next upside areas on the chart are around $2.09 and $2.35. However, if XRP loses $1.37, it could weaken the setup and send the token toward $1.20.
In related news, spot XRP ETFs recorded a record $110.49 million in weekly inflows for the week ending August 28, helping support the XRP price. This surge in investment products comes as the U.S. Senate is scheduled to vote on the CLARITY Act on September 15, which could set clearer rules for digital assets and impact XRP's market outlook.