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XRP continues to capture the attention of traders and analysts with its price action, currently forming three consecutive bullish pennant patterns on the 4-hour chart.
These formations are known for signaling trend continuation, suggesting strong upward momentum for XRP amid a recent pause in its bull run.
Analyst Ali Martinez highlighted these formations in a post on X, pointing out the significance of XRP retesting the $2.25 support level.
XRP Eyes $4.40
According to his analysis, this dip could present a prime buying opportunity for traders looking to ride the wave toward a bullish target of $4.40. This price projection aligns with the breakout trajectory suggested by the pennant patterns.
Remarkably, XRP not only revisited the expected lows but went on to bottom at $1.90 before rebounding. As of press time, XRP is trading at $2.37, having appreciated by 7% in the last 24 hours.
While some may have missed out on buying XRP’s dip at $1.90, Martinez’s analysis suggests that the present price still presents a discount compared to where XRP could be headed. Notably, from its current price of $2.37, reaching $4.40 would still amount to a substantial 88% upside.
Numerous market commentators have expressed their views that $4 could indeed be XRP’s next target when the bull run resumes, especially considering the less formidable road to that threshold.
Martinez considers $4.40 a more near-term outlook for XRP, as its chart patterns hold more promising upside potential than $4.
XRP Promising Chart Confirmed by Veteran Analyst Brandt
Interestingly, other seasoned analysts like Peter Brandt have also acknowledged the promising outlook for XRP based on its chart. In a recent tweet, Brandt, who was once a major critic of XRP, expressed that XRP’s weekly chart is currently the most powerful in crypto, holding the most promise for a significant breakout.
While Brandt has remained cautious in offering any specific price predictions, other analysts have been more vocal about where XRP could be headed.
For instance, Martinez recently issued a bold target of $48 for XRP after observing the asset’s breakout from its multi-year symmetrical triangle. In his view, the conservative estimate for XRP is $8.
Whales Betting on XRP Pump
Meanwhile, whales are capitalizing on XRP’s dip to position themselves for what could be coming next. Recent data from Santiment suggested that whales have increased their XRP holdings by 100 million tokens—worth over $200 million—amid the market-wide crash yesterday.