After a sharp upward surge to the fourth position in the cryptocurrency ranking by market capitalization, 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 soon-to-come double-digit range.
In Martinez's opinion, XRP is still consolidating within a bullish pennant model. He noted that the token, trading around $2.42, is facing strong resistance at the level of $2.73.
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 gain just 12% to break through the designated resistance point.
According to Martinez, upward successes could catapult XRP to an incredible $11. If XRP surpasses $2.70, the next target will be the Fibonacci level 1.00, which corresponds 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 1.272.
New price highs largely depend on the final resolution of the legal battle between the token issuer Ripple and the SEC of the USA. A victory for the San Francisco company would allow XRP to set a new price record.