Is A Return To $3 Feasible For XRP?

A popular analyst has painted a fresh bullish outlook for the XRP price, putting forward a short-term target around the $3 mark. Here is the altcoin’s potential path to this price target over the coming days.

A popular crypto analyst has shared a new bullish outlook for the XRP price, setting a short-term price target of around $3. Here’s how the altcoin could reach this price in the coming days.

Is A Return To $3 Feasible For XRP?

Crypto analyst Ali Martinez shared an exciting analysis of the XRP price on the social media platform X. According to Martinez, the third-largest cryptocurrency could be preparing for a 14% price move in the next few days.

This bullish forecast is based on the formation of a symmetrical triangle pattern on the 1-hour timeframe of the XRP price chart. In technical analysis, a symmetrical triangle is a chart pattern that consists of a diagonal falling upper trendline (connecting the swing highs) and a diagonally rising lower trendline (along the swing lows).

Usually, the asset price tends to narrow and move toward the apex in a symmetrical triangle pattern. The price will eventually breach the upper trendline for a breakout or breach the lower trendline forming a breakdown. This symmetrical triangle formation can serve as a continuation or reversal pattern, depending on the direction of the break.

However, symmetrical triangles tend to be continuation break patterns, meaning the price usually breaks in the initial trend direction before it fell into the triangle pattern. If this logic is to be applied, the XRP price is likely to continue its upward movement after it breaks out of the current layout.

But to confirm a bullish breakout, it’s crucial to wait for the close of at least two candlesticks above the upper trendline. As shown in the chart below, the price target is determined by adding the length of the widest point of the triangle (or base) to the breakout point.

Using this method, Martinez projects that the XRP price is preparing for a 14% upward swing from its current point. This means investors could see the altcoin travel to as high as the $3 region over the coming days.

XRP Price At A Glance

At the time of writing, the price of XRP is hovering around $2.55, indicating an over 1% decline in the past 24 hours. While XRP has been one of the best-performing assets in recent weeks, the last seven-day period was not particularly favorable for the altcoin.

According to data from CoinGecko, the XRP price has declined by nearly 10% in the past week.