XRP Eyes 510% Surge as Bullish Breakout Looms

XRP, the digital asset associated with Ripple, is showing signs of a potential bullish breakout, according to prominent cryptocurrency analyst Ali Martinez. The asset is currently consolidating just above the crucial $2 mark, with the next immediate resistance level at $2.5. Martinez noted that XRP has broken out of a symmetrical triangle pattern on the monthly chart, a pattern that has historically preceded major price surges. This breakout could potentially elevate XRP to a new all-time high, with a projected target of $15, which would push its market cap to approximately $870 billion.

However, key resistance levels remain, and any pullbacks toward the breakout zone could test investor confidence. The broader formation suggests that XRP is in an extended accumulation phase, with a breakout potentially leading to a 510% upside, targeting $14.84 as a long-term projection. If the $2.2 support level holds firm, XRP could push toward $3, with the next major target aligning with the upper trendline, estimated at around $4.80 to $5. A failure to hold $2.22 could see XRP retesting lower support near $2.17 before resuming its uptrend.

On-chain metrics support the possibility of an XRP rally, given that the asset has recorded an all-time high in the number of addresses near the seven million mark. The XRP community aims for sustained price growth after the asset broke out of a prolonged consolidation below the $1 spot. One catalyst for this growth could stem from reports suggesting that the case between Ripple and the Securities and Exchange Commission (SEC) might be moving toward a resolution. The case has long been cited as a factor suppressing XRP’s growth.

Additionally, XRP may see strong capital inflows as several spot ETFs await SEC approval, with analysts estimating a 65% approval chance by October. At the current price, XRP is showing weakness in the short term as it remains below the 50-day simple moving average (SMA) of $2.50 but well above the 200-day SMA of $1.64, indicating long-term strength. Market sentiment is neutral, though the Fear & Greed Index at 30 suggests investor caution. Volatility is 8.44%, and the Relative Strength Index (RSI) at 50.50 indicates neither overbought nor oversold conditions.