A 47% appreciation would take XRP to $0.76.
XRP has staged another comeback against the bears amid the latest rally observed within the broader market. This has triggered forecasts that the asset could be on the brink of surging by 47% in the foreseeable future if it can close above the $0.54 zone on a 3-day candlestick.
Prominent crypto analyst Ali Martinez recently made this forecast as XRP looked to break through the $0.51 territory in its latest price rally. According to Ali, a breakout for XRP is contingent on the asset’s performance in the 3-day time frame.
To drive home his point, Ali presented a 3-day XRP chart with the latest candlestick having opened at a price of $0.5050 on April 10. Accordingly, XRP would need to close the current candle above $0.54 by tomorrow to secure a 47% price rally breakout.
$XRP may be on the brink of a 47% surge if it secures a 3-day candlestick close above $0.54. A successful breakout could catapult #XRP to $0.80! pic.twitter.com/zLEEVS2Flg
— Ali (@ali_charts) April 11, 2023
At the time of the analysis, XRP was trading at $0.5173. A 47% increase from this value would lead to a price around the $0.76 zone. Ali noted that this breakout could be the catalyst for XRP’s reclamation of the highly-coveted $0.80 price territory. The last time XRP saw $0.80 was in April of last year.
XRP’s recent rally gained modest steam a few hours after the analysis. The asset is trading for $0.5225, up 3.73% in the past 24 hours. XRP recently broke above the $0.52 price level for the first time in 6 days. Before now, the asset had been consolidating underneath the zone since it slipped below it on April 5.
XRP Accumulation Gains Steam
Recall that XRP began its massive rally on March 21, which saw the asset close that day with a 25.74% gain. The rally persisted until XRP hit a 10-month high of $0.5856 before facing a hurdle stationed by the bears. The asset held steady above $0.50 for 11 consecutive days. The rally came on the back of an accumulation trend amid speculations that a favorable ruling was coming Ripple’s way in the SEC litigation.
Data from Santiment suggests that XRP’s impressive run triggered another accumulation campaign. According to a Santiment chart, XRP whales holding between 1 million and 100 million tokens have amassed over 400 million XRP worth $208 million since March 24.
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