thecryptobasic.com
$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.