Cryptocurrency strategist Ali Martinez stated that after approximately seven years of stagnation, the price of XRP may rise significantly.
He made a statement on social media platform X to his 96,200 followers, indicating that before the current bull market cycle ends, the price of XRP could rise at least 245% from its current level.
Predictions based on Fibonacci analysis
Martinez believes that after breaking through the diagonal resistance that has kept the market bearish since January 2018, XRP could further rise according to the Fibonacci extension levels used by traders to identify potential exit points. He commented, "For some, XRP may seem overbought! In my view, after breaking this major multi-year symmetrical triangle, it looks undervalued. Conservative target = $8.40, optimistic target = $48.12."
He further pointed out that XRP has formed three consecutive bullish continuation patterns, indicating that the altcoin has significant strength. Martinez stated that he expects XRP to retest, as XRP will pull back to $2.25 before moving towards a target of $4.40.
Other cryptocurrency analysis
The strategist is also focusing on the meme token PEPE. He mentioned that cryptocurrency whales significantly increased their holdings of PEPE over the weekend, while also noting Ethereum (ETH) at $3,658.
Martinez utilized the IOMAP indicator to identify the support and resistance levels for ETH, asserting that as long as the demand zone of $3,560 remains intact, it is favorable for the bulls.
Currently, XRP is trading at approximately $2.25, having fallen over 2% in the past day. PEPE rose 2% to $0.0000263, while Ethereum is priced at $3,753.
Conclusion
Ali Martinez's price target predictions for XRP, PEPE, and ETH indicate that the cryptocurrency market will continue to be volatile. Traders can closely follow market developments based on technical analysis.
