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▲ Ripple (XRP) ©
Although XRP (Ripple) has fallen to $1.48, it is forming a Symmetrical Triangle on the hourly chart, leading to discussions of a potential rebound of over 10%. Market expert Ali Martinez analyzed that if XRP closes above $1.54 on an hourly basis, an upward breakout could be confirmed, with a potential rise to $1.70 thereafter.
According to the cryptocurrency media outlet Finbold on October 1st (local time), Martinez diagnosed on September 30th that a symmetrical triangle pattern was forming in XRP's recent hourly movements. A symmetrical triangle is a pattern where the price forms consecutive lower highs and higher lows, narrowing the volatility, which can lead to a strong price breakout. However, the breakout direction can be both upward and downward, making direction confirmation crucial.
The key price for a bullish breakout presented by Martinez is $1.54. His analysis suggests that if XRP successfully closes at $1.54 on an hourly basis, an upward movement will be confirmed, potentially rising to $1.70. $1.70 would be the highest price since January. XRP already reached $1.54 on September 30th but failed to maintain that price, trading at $1.48 on the morning of October 1st.
The projected path presented by Martinez involves further short-term volatility. It's a scenario where XRP drops from $1.51 on Wednesday to $1.48 on Thursday, then rebounds above $1.50, undergoes further declines, and then attempts a final breakout. If this scenario materializes, after regaining $1.54, it could rise to $1.60, pause for about a day, and then head towards $1.70. The media suggests the target achievement date for this scenario is Saturday, October 3rd.
Much higher price targets were also mentioned in the long-term outlook. Martinez previously analyzed in September that XRP has been forming a large Ascending Triangle over approximately 10 years. According to his analysis, if XRP reaches $3.66, this long-term pattern could be fully confirmed, potentially leading to a long-term price target of $60.
However, the possibility that such a long-term bullish scenario could take a considerable amount of time to materialize was also raised. Finbold pointed out that short-term price movements remain difficult to predict, and even prediction market participants do not see XRP recovering $2 before late 2027. Ultimately, in the short term, definitively surpassing $1.54 on an hourly closing basis is presented as the first hurdle for an upward scenario towards $1.70.
*Disclaimer: This article is for investment reference only, and we are not responsible for any investment losses based on it. The content should be interpreted for informational purposes only.*
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