A well-known crypto strategist is making waves in the industry with his bold predictions for the altcoin XRP. Analyst Ali Martinez has caught the attention of his 96,200 followers on the social media platform X with his forecast that XRP is on the verge of significant price increases after breaking out of a nearly seven-year holding pattern.
Using Fibonacci extension levels to identify potential exit points, Martinez believes that XRP has the potential to surge by as much as 245% from its current price before the bull market cycle comes to an end. This bullish outlook comes after XRP managed to break through a diagonal resistance that has kept the market bearish since January 2018.
Martinez is confident in his assessment of XRP’s potential, stating that the altcoin appears undervalued following its breakout from a massive multi-year symmetrical triangle. He has set a conservative target of $8.40 and an optimistic target of $48.12 for XRP’s price trajectory.
Zooming in on XRP’s recent price action, Martinez points out that the altcoin has been forming three consecutive bullish continuation patterns, indicating significant strength in the market. He suggests that a potential retest of $2.25 could present a buying opportunity for investors looking to target a price of $4.40.
Meanwhile, Martinez is also keeping a close watch on the meme token Pepe (PEPE), noting that crypto whales have been accumulating significant amounts of the token over the weekend. This bullish activity has led to a price increase of nearly 2% for PEPE, which is currently trading at $0.0000263.
In addition to XRP and PEPE, Martinez is optimistic about Ethereum (ETH) and believes that the leading altcoin is poised to achieve new all-time highs as long as it remains above a key support level. Using the In/Out of the Money Around Price (IOMAP) metric to identify support and resistance levels for ETH, Martinez sees a clear path for the altcoin to reach new highs, with a modest resistance zone around $4,540. As long as ETH stays above the $3,560 demand zone, Martinez believes that the odds favor the bulls.
At the time of writing, ETH is trading at $3,753, and Martinez’s followers are eagerly anticipating further price movements in the crypto market. With his keen insights and technical analysis skills, Martinez continues to provide valuable information to investors and traders looking to navigate the volatile world of cryptocurrency.
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