Could XRP reach $11?
What the analyst has to say is this:
Recently, XRP hit a psychological price of $2.50, which has caused a rise in market sentiment. Supporters of XRP are feeling optimistic due to this upward trend, however expert Ali Martinez warns that expecting a price in the double digits could be too optimistic.
He points out that XRP is forming a bull pennant pattern as it consolidates, with the token trading around $2.44 and encountering strong resistance at $2.73.
Martinez claims that if the price doesn't break through this barrier soon, a retracement to $2.05 is possible. For XRP to break over this barrier, a 12% gain is required.
Although there may be some difficulties in the near future, overall, things are looking up. If XRP is able to break out of the pennant, its value may rise to $11.
A bull pennant pattern, in which price spikes and subsequent consolidation inside overlapping trendlines are clearly indicative of strong bullish momentum, is a technical indicator of market strength. At this stage, traders are keeping a careful eye on Fibonacci retracement levels, which show important support and resistance zones.
After XRP breaks over the $2.70 level of resistance, the 1.00 Fibonacci level at $2.91 might be the next target, and then the 1.272 level could lead to a climb to $4.73.
Success in this endeavor will propel XRP to unprecedented heights, surpassing its previous all-time high reached in January 2018. According to Martinez's calculations, the third-largest cryptocurrency might achieve a major milestone if the final aim based on Fibonacci levels reaches $11.
