- XRP has formed an ascending pattern last seen in June 2022.
- The altcoin had set its sights on targeting $0.72 at press time.
The price of Ripple [XRP] increased to $0.58 on the 8th of January. But according to analyst Ali Martinez, the rise could be the start of a movement to $1.10. According to Martinez, XRP had formed an ascending pattern last seen in June 2022.
He also added that if the rising parallel channel continues, XRP might hit $0.80 at the middle boundary, while noting that the upper boundary above $1 was not out of reach.
From this perspective, the governing pattern behind #XRP price action since June 2022 appears to be an ascending parallel channel.
If this pattern continues, $XRP could make its way toward the channel’s middle or upper boundaries, which currently sit at $0.80 and $1.10,… pic.twitter.com/kCKHEFZQWe
— Ali (@ali_charts) January 8, 2024
$1 is possible, but it’s not the time yet
Martinez’s opinion could bring some relief to XRP holders. For a long period, holders of the cryptocurrency had hoped that the token would realize its much-talked-about potential. However, XRP has not found it easy to trade above the cents level.
The last time it came close to $1 was in 2023 during Ripple’s partial win over the U.S. SEC. Despite the recent price prediction, XRP could not hit $0.6. At press time, AMBCrypto figured that the price had dropped to $0.56.
In terms of Open Interest (OI), Coinglass data
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Author: Victor Olanrewaju
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