XRP XRP/USD might have retraced sharply in recent days, but one influential analyst on Monday predicted massive upsides for the payment-focused cryptocurrency in 2025.
What happened: Ali Martinez, a well-known chartist, observed a "promising setup" for XRP, prompting him to set a price target of $11.
Martinez identified a falling wedge pattern, commonly interpreted as a bullish indicator by technical analysts.
If the projections turn out to be accurate, it would imply a 450% increase, or more than a fivefold jump, from XRP's current market price.
Martinez also observed the converging Bollinger Bands on XRP's daily chart, indicating a sharp price movement could be on the cards.
Another widely followed analyst, Javon Marks, joined the bullish optimism, drawing comparisons to the 2017 bull market.
"XRP’s current 3-day timeframe is currently looking extremely similar to that 2017 run, even more so, and prices right now may only be getting ready to come out of an ‘intermission phase’ before yet another ‘groundbreaking’ bullish rally," Marks remarked.
Why It Matters: A handful of other technicals supported XRP's rally in the days ahead. The popular Bull Bear Power indicator, used for measuring the strength of buyers and sellers in the market, flashed a "Buy" signal, according to TradingView.
The Commodity Channel Index, which measures the difference between the current price and the historical average price, also signaled "Buy" for the fourth-largest cryptocurrency.
The Relative Strength Index, though, was still "Neutral," suggesting balance between bullish and bearish market forces.
Price Action: At the time of writing, XRP was exchanging hands at $2.02, down 2.92% in the last 24 hours, according to data from Benzinga Pro. The coin has been one of the biggest gainers of 2024, surging 227% year-to-date.
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