TL;
Ripple’s cross-border token has recently emerged from a year-long technical pattern, indicating that another rally may be around the corner. Popular crypto analyst Ali Martinez outlined a somewhat outrageous price target of $15 that would require a shocking surge.
XRP is one of the largest cryptocurrencies in nearly a decade, attracting a significant community regardless of its current developments. Although the asset has struggled in the years following the 2017/2018 cycle, bold predictions have continued, particularly as XRP surged from $0.6 to match its 2018 ATH of $3.4 during the U.S. presidential election, rewarding some of their faith. However, it was unable to sustain the momentum, and a subsequent market-wide crash pushed its efforts southward. As of now, the Ripple token, which may soon be classified as a commodity in the U.S., is trading at approximately $2.38.
Positive forecasts persist, with the latest emphasizing XRP’s target from Ali Martinez, who stated:
“Since January 2018, XRP has seemingly formed a symmetrical triangle pattern, indicating a potential bullish continuation, with each lower high producing a descending trendline at the top and each higher low creating an ascending trendline at the bottom. Now that XRP has emerged from the triangle, the chances for XRP to continue rising towards the $15 target may be significant.”
The current price tag mentioned above means that the asset needs to waste about 530% to reach this line, which sounds somewhat outrageous given the recent market conditions. Additionally, its market capitalization would approach $900 billion, significantly surpassing ETH and nearing BTC.
Although the $15 target seems quite challenging to achieve, it’s worth noting that XRP skyrocketed 470% just a few months after the election. Moreover, a potentially favorable resolution in Ripple’s lawsuit with the SEC regarding the approval of an XRP ETF could once again propel the asset northward.
