Can XRP Rise to $11? Recent Trends and Future Outlook

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XRP has shown strong performance on recent charts, rising 12.91% in the past 24 hours, reaching $2.5 for the first time in two weeks, although it slightly retreated to $2.45 afterward. Nevertheless, the market is still watching whether it can break through the current consolidation range.

Key Resistance and Price Targets

Analyst Ali Martinez proposed two possibilities:

A rebound after a pullback to $2.05.

If it breaks through the $2.73 resistance level, the price could soar to $11.

This analysis is based on the bullish flag pattern on the XRP chart, which typically signals a continuation of the upward price trend. However, if it fails to break through $2.73, the bullish trend may fail.

Technical Indicators and Market Signals

1. MVRV Ratio

Current Level: 4.66, indicating a healthy market sentiment, not yet in the overbought state.

Historical Trend: When MVRV reaches 7, it usually means a weakening of upward momentum; within the extreme range of 6.5-15, prices may be nearing a peak.

Currently, MVRV shows that XRP still has room for further upward movement until it reaches the overbought area.

2. Basis Ratio

The positive basis ratio from Bitmex reflects that investor sentiment is optimistic, and there is high demand for long positions in the market. This further supports the expectation that prices may break through.

Potential Price Paths

Upward Path:

After breaking through the $2.73 resistance level, the next target is $2.88.

If market momentum continues to strengthen, the upward target will point to $11, a historical high.

Pullback Path:

If it fails to break through the current resistance level, XRP may pull back to $2, retesting support.

Summary

Despite strong recent performance, XRP's future trend still depends on its ability to break through key resistance levels. If market momentum continues and investor sentiment remains optimistic, XRP could see significant gains. However, if bulls fail, the risk of a pullback to $2 remains in the short term. Monitoring the breakout situation at $2.73 will be key to assessing the next steps.

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