According to one analyst, Ripple’s XRP cryptocurrency is set to begin a parabolic surge upward of 28% over the next cycle. XRP is forming a convincing pattern on the price chart, which suggests a bullish pattern is on the way.
According to technical analyst Ali Martinez, XRP has been forming a cup-and-handle chart structure on its four-hour chart since February 1. For context, the cup and handle pattern is a popular bullish continuation pattern in which the price of a crypto asset moves upward in a rounded cup and corrects downwards as it creates a handle. This formation is a bullish signal that marks the potential for a parabolic breakout.
Crypto Analyst Suggests XRP Surge to $3.35 is Coming
“If $XRP is following a cup and handle pattern, a breakout could set the stage for a move toward $3.35!” Martinez wrote on X. One catalyst that could fuel this breakout is recent XRP whale movements. The latest data shows that whales have purchased a whopping 60 billion tokens this month alone. Now that Ripple’s XRP is trading below the $3 mark, the asset is looking for support to reclaim its January price range. The markets are trading sideways this month and Ripple’s native token is yet to experience a price spurt. This surge could come soon and in the form of Martinez’s predicted parabolic 28% climb.
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According to the analyst’s accompanying chart, an XRP breakout will kick off after breaking past the pattern’s resistance at $2.80. Breaching this barrier would embolden the bulls to push the price toward $3.35, representing a 28% jump from the current levels. Alternatively, a fall below $2.4 could cause a further fall for the altcoin.
With Ripple’s XRP on the upswing, investors and market experts suggest that Ripple’s XRP could be preparing for a surge. Market sentiment around Ripple’s altcoin is bullish, and recent price predictions are up from predictions of old. Currently trading at $2.49, XRP is showing upward momentum after a brief fall from $2.75.
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