- XRP surged to $2.5, reflecting a 13% weekly gain, but pulled back to $2.45.
- Analyst Ali Martinez targets $11 for XRP after a breakout above the $2.73 resistance.
- XRP’s MVRV ratio rose to 4.66, signaling continued bullish sentiment and potential for further growth.
XRP has been on an upward trajectory recently, climbing to $2.5 for the first time in two weeks, thanks to notable gains. Although the altcoin has pulled back slightly to $2.45 at press time, it still saw a weekly increase of nearly 13%. However, the path forward for XRP remains uncertain as it continues to consolidate within a key range, leaving analysts divided on its next move.
Ali Martinez Predicts XRP’s $11 Target After Breakout
Crypto analyst Ali Martinez has identified the $2.73 resistance level as a crucial point for XRP’s price action. According to Martinez, breaking above this resistance could trigger a massive rally, with a potential target of $11. This target is based on Fibonacci extensions and the historical price action of similar breakout patterns. The projected $11 price target would represent a nearly fivefold increase from current levels, drawing attention from both retail and institutional investors.
Martinez also cautioned that until XRP flips the $2.73 resistance level, a pullback to $2.05 remains possible, invalidating the bullish outlook. The ongoing consolidation within this range means that XRP’s next move could either confirm a bullish trend or push it into a prolonged bearish phase. A successful breakout above $2.73 could set the stage for an explosive rally, reinforcing XRP’s status as one of the top-performing cryptocurrencies.
Technical indicators further support this potential for significant price movement. The altcoin’s MVRV (Market-Value-to-Realized-Value) ratio recently rose to 4.66, indicating that the market is still bullish. While this is not yet in overbought territory (which occurs at 7), the increasing MVRV suggests that XRP still has room for growth before a potential reversal. Historically, when the MVRV ratio reached 6.5, XRP’s price topped out, as seen in previous rallies.
XRP’s Bullish Sentiment and Key Resistance at $2.73
XRP’s investor sentiment also appears positive, with a high Bitmex basis ratio indicating strong demand for long positions. This suggests that traders are betting on further price appreciation, which could signal an impending breakout. Despite XRP’s recent consolidation, the market is optimistic that the altcoin is positioned for a decisive move.
The $2.73 resistance is key to determining whether XRP will continue its bullish trend or fall into a more prolonged period of sideways trading. If XRP manages to break above this level, analysts predict it could surge to new all-time highs, possibly reaching the $11 target. However, if the bulls fail to push the price higher, a drop to $2 or lower may follow, leading to a temporary bearish sentiment across the altcoin market.
All eyes are on XRP as it consolidates within a bull pennant pattern. A breakout above $2.73 could catalyze a rally that may see the altcoin soar to new heights. Yet, the risk of a pullback to $2.05 remains, reminding investors of the inherent volatility in the crypto market. As XRP approaches this critical juncture, traders eagerly await a decisive move that could set the stage for its future price trajectory.
Read Also: Ripple (XRP) Drops 15%, But Resilience Points to Potential $3 Surge by Year-End
