XRP Rebounds 15% Amid Legal Battle, Analyst Predicts 2-Digit Figure

Ripple’s XRP has shown significant resilience, rebounding from a low of less than $2 in March to its current trading range of $2.30 to $2.40. This recovery comes amidst the ongoing legal battle between the US Securities and Exchange Commission and Ripple, which is expected to conclude soon, potentially leading to increased price volatility for the digital asset.

Market analyst Ali Martinez has made a bold prediction that XRP could reach a two-digit figure during this cycle. Martinez bases this prediction on an extensive symmetrical triangle formation that has been developing since January 2018. This formation suggests that XRP has the potential to break out and reach higher price levels, despite recent market downturns.

Martinez’s optimistic view contrasts with the bearish sentiments expressed by other commentators. XRP has experienced a decline of around 25% from its mid-January high of $3.40, largely due to the broader crypto market fall. However, Martinez remains bullish, citing the symmetrical triangle as a strong indicator of potential price appreciation.

XRP’s market performance has been highly volatile, with attempts at recovery met by resistance and subsequent declines. Martinez’s analysis highlights the seven-year symmetrical triangle, which began in January 2018 when XRP dropped from its $3.80 high. This formation suggests that a breakout could lead to a significant price run, as seen in the past when XRP surged by 280% following the November US elections.

Martinez’s analysis also points to the formation of lower highs in January 2018 and higher lows during the same period, creating a symmetrical triangle. This structure was broken in November following the US elections, leading to a substantial price increase. While past breakouts do not guarantee continuous rallies, many see this as evidence of potential long-term strength for XRP.

Despite the recent downturn, Martinez believes that XRP is still on track for a breakout, as long as it stays above $1. He suggests that even if XRP slips below $2, it could still reach $15, supported by the symmetrical triangle formation. This analysis provides a glimmer of hope for XRP enthusiasts, who are closely watching the digital asset’s performance amidst broader market movements and potential government changes.