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The XRP price performance has been one of the bright spots in the cryptocurrency market over the past seven days. With the crypto climate becoming more uncertain with each passing day, the XRP token has been the only large-cap asset exhibiting some level of relative stability.
While the altcoin has been moving mostly sideways in recent weeks, the current speculation is that the price of XRP could be on its way to a bullish breakout. The question is — how far can the third-largest cryptocurrency in its next leg up?
Can XRP Reclaim $3 In Next Move?
In a March 7 post on the social media platform X, popular crypto trader Ali Martinez put forward an interesting prognosis for the value of XRP over the next few days. Martinez revealed that the altcoin’s price appears to be ready for a significant 23% breakout to the upside.
The reasoning behind this bullish prediction is the appearance of a symmetrical triangle pattern on a short-term timeframe of the XRP chart. The symmetrical triangle is a technical analysis pattern characterized by a diagonal falling upper trendline (connecting the swing highs) and a diagonally rising lower trendline (along the price troughs).
Typically, symmetrical triangle formations are considered trend continuation patterns, implying that the asset’s price tends to continue in its initial trend direction before falling into the triangle pattern. While in the triangle pattern, the price moves — in a tapering fashion — towards the symmetrical triangle’s apex.
The price would eventually breach the falling (upper) trendline for a bullish breakout or break below the rising (lower) trendline forming a breakdown. While a trend reversal (I.e. the asset’s price breaks opposite its initial trend direction) is possible, the price is more likely to continue in the original trend direction after breaking out or down the current layout.
In the current XRP price setup, the altcoin looks likely to break out of the symmetrical triangle and continue its upward trend. However, it is important to wait for the close of at least two candlesticks above the upper trendline to confirm a bullish breakout.
Going by this logic, Martinez expects the price of XRP to surge to above $3 (about 23% growth from the current point) over the coming days. This price target was calculated by adding the length of the widest point of the symmetrical triangle (or base) to the breakout point.
XRP Price At A Glance
As of this writing, the XRP token is valued at $2.47, reflecting an over 5% price decline in the past 24 hours. Nevertheless, the altcoin’s performance on the weekly timeframe remains strong — at about 15% in the past seven days.
Featured image from iStock, chart from TradingView
Opeyemi is a proficient writer and enthusiast in the exciting and unique cryptocurrency realm. While the digital asset industry was not his first choice, he has remained absolutely drawn since making a foray into the space over two years. Now, Opeyemi takes pride in creating unique pieces unraveling the complexities of blockchain technology and sharing insights on the latest trends in the world of cryptocurrencies.
Opeyemi savors his attraction to the crypto market, which explains why he spends the better parts of his day looking through different price charts. “Looking” is a rather simple way to describe analyzing and interpreting various price patterns and chart formations. However, it appears that is not Opeyemi’s favorite part – in fact, far from it.
Being able to connect what happens on a price chart to on-chain movements and blockchain activities is what keeps Opeyemi ticking. “This emphasizes the intricacies of blockchain technology and the cryptocurrency market,” he would say. Most importantly, Opeyemi thinks of any market insights as the gospel, while recognizing that he is only a messenger.
When he is not clicking away at his keyboard, Opeyemi is most definitely listening to music, playing games, reading a book, or scrolling through X. He likes to think he is not loyal to a particular genre of music, which can be true on many days. However, the fast-rising Afrobeats genre is a staple in Opeyemi’s Spotify Daily Mix.
Meanwhile, Opeyemi is a voracious reader who enjoys a wide category of books – ranging from science fiction, fantasy, and historical, to even romance. He believes that authors like George R. R. Martin and J. K.
Rowling are the greatest of all time when it comes to putting pen to paper. Opeyemi believes his reading of the Harry Potter series twice is proof of that.
Indeed, Opeyemi enjoys spending most of his time within the four walls of his home. However, he also sometimes finds solace in the company of his friends at a bar, a restaurant, or even on a stroll. In essence, Opeyemi’s ambivert (haha! been searching for an opportunity to use the word to describe myself) nature makes him a social chameleon who is able to quickly adapt to different settings.
Opeyemi recognizes the need to constantly develop oneself in order to stay afloat in a competitive and ever-evolving market like crypto. For this reason, he is always in learning mode, ready to pick up the slightest lesson from every situation. Opeyemi is efficient and likes to deliver all that is required of him in time – he believes that “whatever is worth doing at all is worth doing well.” Hence, you will always find him striving to be better.
Ultimately, Opeyemi is a good writer and an even better person who is trying to shed light on an exciting world phenomenon – cryptocurrency. He goes to bed every day with a smile of satisfaction on his face, knowing that he has done his bit of the holy assignment – spreading the crypto gospel to the rest of the world.
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