XRP Inches Closer to $1.62 as Analyst Sees Breakout Imminent

Cryptocurrency analyst Ali Martinez believes XRP is nearing a major price movement, potentially reaching $1.62.

XRP has been consolidating inside a descending triangle on the four-hour chart, with Martinez noting that the asset's price is forming a potential higher high on the six-month chart.

For a rally to $1.62 to occur, XRP must consistently close above the supply level of $1.53, according to Martinez.

The analyst also warned that if XRP's price falls below the horizontal lower trendline of the descending triangle, near $1.4699, the bullish outlook could be delayed.