Crypto Strategist Predicts XRP Could Surge 245% After Breaking Out of Holding Pattern
A well-known crypto strategist has made a bold prediction regarding the future price of payments altcoin XRP, stating that the digital asset is poised for significant gains after breaking out of a nearly seven-year holding pattern. Analyst Ali Martinez, who commands a substantial following on social media, believes that XRP could see a price increase of at least 245% from its current levels before the current bull market cycle comes to an end.
Utilizing Fibonacci extension levels to identify potential exit points, Martinez points to a recent breakout of a diagonal resistance that has kept XRP in a bearish state since January 2018. According to the strategist, this breakout signifies a major shift in market sentiment for XRP.
Martinez highlights that XRP has been forming three consecutive bullish continuation patterns, indicating significant strength in the altcoin. The strategist suggests that a retest of $2.25 could present a buying opportunity for traders looking to target a price of $4.40.
Currently, XRP is trading at $2.25, showing a slight decline of over 2% in the last 24 hours. Martinez also draws attention to the meme token Pepe (PEPE), noting that crypto whales have been accumulating significant holdings of PEPE, indicating potential bullish momentum for the token.
As of the time of writing, PEPE is valued at $0.0000263, showing an increase of nearly 2% in the past day. Shifting focus to Ethereum (ETH), Martinez believes that the leading altcoin is on track to reach new all-time highs as long as it maintains support above a key level.
Using the In/Out of the Money Around Price (IOMAP) metric to identify support and resistance levels for ETH, Martinez suggests that Ethereum could achieve new highs, with a minor resistance area around $4,540. As long as the $3,560 support zone holds, the strategist remains bullish on the prospects for ETH.
At the time of writing, ETH is priced at $3,753. To stay updated with the latest developments in the crypto space, make sure to subscribe to receive email alerts and follow us on social media platforms such as X, Facebook, and Telegram.
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