XRP failed to break above the $3 resistance last week, but there is still room for optimism.
On-chain crypto analyst, Ali Martinez predicted in an August 25 post on X that “it won’t take long” before the cryptocurrency is back at $3.70.
While he did not elaborate on his prediction, Martinez provided a chart suggesting we might see the target price sometime around mid September.
Technically, XRP is currently forming a clear descending triangle pattern with Fibonacci retracement and extension levels.
If price manages to break above the downtrend resistance, the measured move, aligned with extension levels, points directly toward $3.70.
Is an XRP breakout coming?
XRP has not approached such heights since July, when it peaked at around $3.66, but as another analyst, AltcoinGordon, notes, a classic cup-and-handle formation appearing on the daily chart implies the asset might be “on the verge of a monumental run.”
Namely, the formation indicates a price consolidation within a narrow range following a U-shaped recovery.
From a technical standpoint, this consolidation could set the stage for a potential breakout above the pattern’s neckline near $3.80, which agrees with Martinez’s own projections.
However, a breakdown below $2.80 could trigger a slide toward $2.70, with a deeper retracement possible.
Featured image via Shutterstock
Source: https://finbold.com/xrp-wont-take-long-to-reach-3-70-according-to-crypto-analyst/
