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Ripple’s token also surpassed BNB in terms of market cap today.
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Summarize with AI
Summarize with AI
Alongside the rest of the market, XRP jumped earlier today to over $1.60, a level not seen in just over a month.
Although it was rejected there and now trades at around $1.50, the asset could be primed for more gains ahead, and Ali Martinez outlined the next possible target.
XRP to Aim at $1.85?
In the days leading up to today’s surge, Martinez also reported that the Bollinger Bands on XRP’s chart had squeezed as the asset spent most of the previous few weeks trading sideways in a relatively tight range between $1.33 and $1.47. Consequently, the analyst suggested that a bigger move is on its way, without providing any clear indication of the direction.
However, the cross-border token finally broke out of that range yesterday, surging past $1.50. It climbed to over $1.60 earlier this morning, and even though it was stopped there, it’s still above the upper boundary of its previous trading range. Consequently, Ali Martinez noted that the aforementioned big move might take the asset to its next notable target at $1.85.
Interestingly, the impressive price resurgence over the past few days comes even as the spot XRP ETFs continue to underperform. After registering a highly negative 7-day streak, the funds were in the red once again on Monday, with almost $6 million in net outflows.
However, the company behind the token has made some major moves lately, including announcing plans to secure an Australian Financial Services License, as well as a partnership focused on the US and Canadian markets.
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Strongly Bullish
CryptoWZRD also weighed in on the token’s recent performance, noting that it closed “strongly bullish,” especially against BTC. The analyst expects “more bullish moves from XRP/BTC,” which will help the cross-border asset in the near future.
Fellow market observer CW outlined a chart showing that XRP has touched the lower line of the ascending channel, which represents its cycle bottom. They added that “an uptrend has now begun” after a Heikin Ashi green candle appeared following the successful retest of the bottom level.
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Source: https://cryptopotato.com/xrp-is-finally-breaking-out-heres-the-next-price-target-as-bulls-take-charge/
