The XRP creates an important technical formation with a market value of about $ 160 billion. According to the famous analyst Ali Martinez, the XRP is about to complete the Cup-Kulp (Cup and Handle) formation. If this model is confirmed, the price may rise to $ 3.35.
Rise scenario in XRP price
The XRP is currently traded at $ 2.76 and has experienced a 18.76 %correction compared to the summit it reached in January. However, this withdrawal may be the handle part of the formation. The completion of this formation in the technical analysis indicates that the rise will continue.
According to Martinez’s analysis, if the model is verified, XRP may reach a level of $ 3.35 by experiencing an increase of at least 21 %. This level also coincides with the highest level of XRP’s all -time. Investors think that if this level is exceeded, there may be greater price movements.
Does the Altcoin season begin for XRP?
There have been major fluctuations in the Altcoin market in recent years, and many investors think that 2017 and 2021 bull seasons will not repeat. However, the rise of the XRP can be shaped independently of the general Altcoin season.
In particular, the possibility of approval of XRP ETF in the USA and Ripple’s relations with the new administration may open the door of positive developments for XRP. If these events are not priced, the Ripple can start a bull run that will surprise the market. In addition, the decrease in regulatory uncertainties may enable corporate investors to turn to XRP.
The breaking point is approaching in XRP
The completion of the XRP Cup-Kulp formation may be the beginning of a large price movement. Most investors and analysts think that such technical formations give strong bull signals. If Ripple really moves in line with this model, the market may soon be the scene of an important development. In order to start the bull trend, this formation needs to be completed with volume support. If a high -volume break is experienced, an important leap can occur in the price of XRP.
According to the technical analysis, if the price of XRP can exceed $ 3.35, higher targets may be raised. However, if it does not reach this level, the XRP may face the risk of withdrawing to re -support levels. For this reason, investors need to follow the developments in the market carefully.
