XRP Descending Triangle Could Trigger 5% Rally to $1.46
Crypto analyst Ali Martinez predicts a possible 5% upside for XRP if it breaks out of its descending triangle in the short term. The token's price has been forming a symmetrical triangle, with buyers defending a support level near $1.3851 and sellers helping to form the hypotenuse.
As traders squeeze the price towards the apex of the triangle, Martinez expects a strong rally towards $1.46 if the sellers yield. This comes as XRP's fundamentals and price performance suggest a potential bullish move in the near term.
The U.S. spot XRP ETFs have recorded eight consecutive weeks of cash inflows, amounting to $202.28 million at the time of writing. The token's 24-hour trading volume was at $2.03 billion, down 3.28%, according to metrics from CoinMarketCap.
With XRP trading at approximately $1.40 and a market capitalization of roughly $87.92 billion, Martinez's near-term target of $1.46 may be within reach if the spot ETFs continue to accumulate more tokens.