The potential of XRP to print a major breakout is high, and top analyst Ali Martinez unveiled the key condition that might trigger this rally.
Like other analysts, Ali Martinez remains bullish on XRP. While the market has observed relative stagnancy on the XRP chart, this trend does not negate the coin’s chances for a breakout.
Using one of his favorite technical indicators, the TD Sequential Indicator, Ali Martinez noted that the XRP Weekly Chart is showcasing a buy signal.
The TD Sequential is an important tool that shows trend exhaustion and a likely price reversal. The sustained drawdown of XRP on the weekly chart suggests a potential rebound moving forward.
XRP Price to $0.65
With the price of XRP dropping as low as $0.4903 in the past month, it has printed a major rebound that has helped it form a major support at the $0.5 price mark.
With XRP changing hands for $0.5341 at the time of writing, Martinez projects that a break above the $0.57 for the week might be pivotal in the push for new heights by the coin.
The accompanying weekly XRP chart shows that XRP touched the $0.9650 price mark as of July 13, 2023 amid the pivotal ruling from Judge Analisa Torres. This level marks the highest price the coin has printed since December 2021.
The TD Sequential indicator has issued a buy signal on the $XRP weekly chart, indicating potential bullish momentum. If #XRP manages a sustained weekly close above $0.57, it could be the catalyst for a push toward $0.63 or even higher, reaching $0.65. pic.twitter.com/D35ogC4jIW
— Ali (@ali_charts) February 25, 2024
From this height, XRP dropped to a low of $0.4082 in mid-August last year as the uncertainties surrounding the final settlement between Ripple Labs and the US SEC dampened sentiments at the time.
With the rebound now printed earlier this month, XRP has been making moves for a breakout. Per Martinez’s call, should the coin sufficiently close above $0.57, it might catalyze a ride toward $0.63 and in a more bullish scenario, a jump to $0.65.
Dealing With Community Unbelieve
Despite the call from Martinez, many in the XRP community are not convinced the token has what it takes to liberate itself. Martinez’s latest chart on XRP was trailed by bearish comments from community members, a move that proves the low expectations for the asset to grow.
The perception may change with the growing clamor for an XRP ETF. Beyond the payment utility of the coin, gaining more avenues to drive demand might change its fortune in the long term and perhaps.
At press time, XRP’s market cap is down by 1.68% to $29,296,597,286 with the trading volume jumping 14.41% to $807,603,456.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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