XRP Breaks Technical Pattern, Analyst Sees $15 Target

Ripple's cross-border token XRP has broken out of a technical formation that was established nearly three years ago, signaling a potential new rally in the asset. According to cryptocurrency analyst Ali Martinez, this breakout could lead to a surge of approximately 530% from current levels, catapulting XRP's market capitalization to nearly $900 billion.

The symmetrical triangle pattern was formed since January 2018 and indicated a potential bullish continuation where every lower high XRP made created a descending trendline at the top and every higher low created a rising trendline at the bottom. Now that XRP has broken out of the triangle, there's a chance XRP can continue rising to reach a target of $15.

The prediction is based on the asset's recent history, which includes a dramatic 470% price increase in the aftermath of the U.S. presidential elections. Although this surge proved unsustainable in the short term, XRP remains significantly above its pre-election levels and has maintained a dedicated following throughout its nearly decade-long presence in cryptocurrency markets.