XRP Price Analysis: Targeting $15 as Symmetrical Triangle Pattern Emerges – Coin Edition

Crypto market players suddenly turned their eyes to XRP after top crypto analyst Ali Martinez dropped a chart that has got everyone talking – a striking symmetrical triangle chart, hinting at a potential target to $15. And if the technical pattern really were to play out, XRP could be right on the verge of a huge rally.

Crypto market participants have recently shifted their attention to XRP following a chart shared by top crypto analyst Ali Martinez. The chart showcases a symmetrical triangle formation, which has historically preceded significant price surges for XRP.

Martinez's analysis suggests that XRP is on the cusp of a breakout from a long-term symmetrical triangle Every time this pattern has surfaced in the past, it has led to substantial price rallies.

With XRP currently trading at $2.44, the coin is attempting to establish $2.75 (Fibonacci 1 level in the chart below) as support before continuing its ascent.

XRPを目指してチャートが「チェックアウト」の場合$15?

If the breakout occurs, the Fibonacci extension tool indicates a price target of $15, potentially marking a 515% gain from its current levels.

The realization of this projection may hinge upon the SEC's approval of a spot XRP exchange-traded fund (ETF).

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Approval of XRP ETF May Act as Price Catalyst

In a development that could further bolster market speculation, Bloomberg analyst James Seyffart has highlighted an increasing likelihood of the SEC addressing Grayscale's 19b-4 filing for a spot XRP ETF on February 13th.

Approval in this domain could pave the way for substantial institutional inflows, potentially fueling a significant rally. Such an approval would allow investors to gain exposure to the XRP token without directly handling the digital asset in a crypto wallet.

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XRP Price Analysis - Technical Indicators

A technical analysis of XRP, as depicted in the TradingView chart below, reveals that XRP is currently in a downtrend following a sharp rally in late 2024.

The 20-day EMA is positioned at $2.59, whereas XRP trades below it at $2.44. If the altcoin manages to reclaim the 20-day EMA, it could bolster the prospects of a bullish rally for the digital asset.

Mixed Signals - RSI and Bollinger Bands Examined

Further analysis of technical indicators shows that the Relative Strength Index (RSI) registers a value of 40.34, indicating momentum is neutral to slightly bearish. An increase above 50 would suggest growing bullish strength, but the gradient of the line indicates sustained pressure from sellers.

A review of the Bollinger Bands reveals that they indicate tightening volatility, which often precedes a significant price move. XRP's price action is currently positioned in the bearish zone of the Bands.

However, the Accumulation/Distribution line also indicates increasing buying activity, suggesting an underlying buying pressure despite the pullback.

Disclaimer: The info presented in this article is for educational and informational use only. This does not constitute financial advice or an offer to buy/sell any cryptocurrency.