- Ali Martinez highlighted XRP forming a striking symmetrical triangle chart with a target of $15.
- XRP is currently attempting to flip the $2.75 price level into support before moving higher.
- Bloomberg analyst said that the SEC could acknowledge the Grayscale 19b-4 for a spot XRP ETF.
Crypto market players suddenly turned their eyes to XRP after top crypto analyst Ali Martinez dropped a chart that has got everyone talking – a striking symmetrical triangle chart, hinting at a potential target to $15. And if the technical pattern really were to play out, XRP could be right on the verge of a huge rally.
Martinez put out a chart showing a breakout from a long-term symmetrical triangle, Every time this pattern has shown up before, it’s brought on huge price surges.
With XRP currently trading at $2.44, the coin is attempting to flip $2.75 (Fibonacci 1 level in the chart below) into support before advancing higher.
XRP to $15 if Chart “Checks Out”?
If the breakout actually happens, the Fibonacci extension tool points to a price target of $15, a potential 515% jump from where it is now.
Whether this projection materializes may depend in part on the SEC approving a spot XRP exchange-traded fund (ETF).
Related: Is the Ripple Lawsuit Set for a Breakthrough After SEC and Binance Agree to Pause Suit?
XRP ETF Approval – Potential Catalyst for Price Surge
Adding to market speculation, Bloomberg analyst James Seyffart reported an increased probability of the SEC acknowledging Grayscale’s 19b-4 filing for a spot XRP ETF on February 13th.
Approval in this area could lead to substantial institutional inflow, potentially fueling a significant rally. Such an approval would enable investors to gain exposure to the XRP token without directly managing the digital asset in a crypto wallet.
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XRP Price Analysis – Technical Indicators
Examining the XRP price analysis, as shown in the chart from TradingView below, XRP is currently in a downward trend after a sharp rise in late 2024.
The 20-day EMA is positioned at $2.59, while XRP is currently below it at $2.44. Should the altcoin reclaim this 20-day EMA, a bullish rally could become more likely for the digital asset.
Mixed Signals – RSI and Bollinger Bands Analyzed
Analyzing technical indicators further, the Relative Strength Index (RSI) registers a value of 40.34, suggesting momentum is neutral to slightly bearish. While a move above 50 would indicate increasing bullish strength, the gradient of the line indicates ongoing pressure from sellers.
Reviewing the Bollinger Bands, they indicate tightening volatility, which often suggests a notable price movement may be imminent. The XRP price action is currently situated in the bearish region of the Bands.
However, the Accumulation/Distribution line also indicates increasing buying activity, pointing towards underlying buying pressure despite the pullback.
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