After a sharp upward surge to the fourth position in the cryptocurrency market capitalization ranking, XRP briefly touched the psychologically important price of $2.50.
Despite this, crypto analyst Ali Martinez believes it is still too early to talk about a quick move into the double-digit range.
According to Martinez, XRP is still consolidating within a bullish pennant pattern. He noted that the token, trading around $2.42, faces strong resistance at the $2.73 level.
Martinez wrote that this resistance level is important because if XRP cannot reach it in the short term, a pullback to $2.05 is possible. Overall, XRP needs to increase by just 12% to break through the indicated resistance point.
Success in moving upward, according to Martinez, could catapult XRP to an incredible $11. If XRP breaks above $2.70, the next target will be the Fibonacci level of 1.00, corresponding to a price of $2.91. After that, a strong bullish surge is expected with the next target at $4.73. This corresponds to the Fibonacci level of 1.272.