rewrite this content using a minimum of 1000 words and keep HTML tags
As XRP anticipates a potential rally toward a key short-term resistance level, an analyst has set a bold target for the cryptocurrency’s long-term performance, suggesting that the altcoin could soar by over 1,300% during the next bull run.
XRP Targets $48 In Next Bull Run
On Friday, XRP joined the broader market rebound, experiencing a 3.5% surge and reaching a one-week high of $1.45. Over the past month, the cryptocurrency has been oscillating between $1.20 and $1.50, hovering above the upper area of this range.
Amid this performance, analyst Ali Martinez shared a bold prediction for XRP’s price in the next bull run, suggesting a massive rally could unfold in the coming years based on a multi-year pattern.
According to the chart, the altcoin has been forming an ascending triangle pattern on the monthly chart since 2018, when it rallied around 1,500% over two months to its old all-time high (ATH).
XRP has traded between the $3.30 horizontal resistance and the ascending trendline over the past eight years, marking the bottom and peak of each rally during the last two cycles.
The analyst suggested the altcoin could continue to move within this pattern until the next bull run and potentially rally 1,350% to the $48 target once it breaks through the multi-year resistance.
Similarly, market observer Chard Nerd shared XRP’s macro chart but highlighted a potential retest of a resistance-turned-support instead. He noted that the cryptocurrency broke out of a multi-year symmetrical triangle pattern when the price soared past its eight-year resistance during the Q4 2024 market rally.
Per the post, XRP could test the pattern’s neckline, currently around the $0.70-$0.80 area, as support in the coming months before beginning to recover from the bear market lows.
Is A March-April Rally Brewing?
In a Friday video analysis, Chart Nerd also shared a short-term outlook for XRP, highlighting its attempt to break out of a one-month symmetrical triangle on the daily timeframe after today’s pump.
As he explained, the altcoin’s price has been compressing between a major level of resistance and a major level of ascending support over the past five weeks, which could target a 25% rally in the next few weeks as it approaches the tighter range of its apex.
The apex does have a date (…) we’re looking towards the end of March, 25th of March, where XRP could, if it rejects from this $1.42-$1.43 level, (…) get really tight and compressed into a corner to look for a decision.
The analyst suggested that the pattern’s upper boundary has been a major level of resistance throughout February, which could squeeze XRP’s price “into this apex towards the end of March” before potentially choosing its next direction.
If XRP breaks out of this apex to the upside and reclaims the $1.50 horizontal resistance, it will validate a move toward the $1.80-$2.00 area, which he previously called “a critical inflection point,” by the end of March or start of April.
and include conclusion section that’s entertaining to read. do not include the title. Add a hyperlink to this website [http://defi-daily.com] and label it “DeFi Daily News” for more trending news articles like this
Source link
