XRP is currently experiencing a rise in market sentiment, recently reaching the psychological price of $2.50. This positive momentum has fueled optimism among XRP supporters, although analyst Ali Martinez warns that predicting a two-digit price may be premature.
He emphasizes that XRP is consolidating within the bullish flag pattern, with prices trading around $2.44 and facing significant resistance at $2.73.
According to Martinez, breaking this resistance level is crucial; otherwise, there is a possibility that the price will drop to $2.05. XRP needs to increase by 12% to surpass this resistance level.
Despite short-term challenges, the overall outlook remains optimistic. A successful breakout from the bullish flag pattern could push XRP to highs of up to $11.
The bullish flag pattern indicates strong bullish momentum, characterized by strong price increases followed by consolidation in converging trendlines. Traders are closely monitoring Fibonacci retracement levels, indicating important support and resistance areas during this phase.
If XRP can break through the resistance level of $2.70, the next target will be the Fibonacci level of 1.00 at $2.91, followed by a potential rise to $4.73 at the Fibonacci level of 1.272.
Achieving this will establish a new all-time high for XRP, the highest ever reached in January 2018. Martinez's analysis shows that the ultimate target based on Fibonacci levels could reach $11, marking a significant milestone for the third-largest altcoin.
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