XRP Breakout Imminent: Analyst Sees Path to $60

XRP's price plummeted by 2.83% to $1.41 in the past 24 hours, while Bitcoin dropped 1.63%. The sell-off also led to $14.51 million in XRP liquidations, with long traders taking most of the losses.

Crypto analyst Ali Martinez says XRP could be preparing for a major breakout toward $60. However, XRP must first break key resistance levels before this bullish move can begin.

According to Martinez, XRP has been forming a massive ascending triangle on the monthly chart. The pattern shows that XRP has been making higher lows while facing strong resistance around the same level. The chart identifies $3.66 as the key resistance. A monthly close above $3.66 would confirm the breakout and could open the door to a much larger move.

After breaking through this level, Martinez's chart projects a move toward around $9.49, followed by a potential rise to $15.60. The chart also shows a possible pullback around these levels before XRP starts its next major move higher.