XRP Breakout Imminent: Analyst Sees $60 Target

XRP has seen significant price fluctuations in recent days, falling 2.83% to $1.41 over the past 24 hours and recording $14.51 million in liquidations, with long traders taking most of the losses.

Despite this decline, crypto analyst Ali Martinez believes that XRP could be preparing for a major breakout towards $60, but only after breaking key resistance levels.

The stronger-than-expected U.S. jobs report has weighed on risk assets, including cryptocurrencies, causing the drop in price and triggering additional selling pressure.

According to Martinez's analysis, XRP is forming a massive ascending triangle on the monthly chart, with $3.66 identified as the key resistance level. A monthly close above this level would confirm the breakout and potentially open the door to a much larger move.