Is An XRP Price Explosion Imminent? Crypto Analyst Sets $11 Target

The cryptocurrency market seemed to be in its recovery phase over the past week, with most large-cap assets recording significant gains to close the week. Specifically, the XRP price performance was the cream of the crop, with the altcoin showing strong signs of resurgence.

The XRP token has picked up this year from where it left off in 2024, posting double-digit profit over the previous week. This single-week performance helped push the altcoin to become the third-largest cryptocurrency by market capitalization, displacing the USDT stablecoin.

In a recent post on the X platform, crypto analyst Ali Martinez shared an interesting analysis of the XRP price that captures the altcoin’s potential trajectory over the next few months. According to the crypto pundit, the third-largest cryptocurrency could be on track for a rally to around $11.

The reasoning behind this prediction is the formation of a “massive” bull pennant price pattern on the 12-hour chart. A pennant is a technical analysis pattern characterized by a price spike (the flagpole) followed by a consolidation range with converging trend lines (the pennant) followed by a price breakout in the same direction as the initial flagpole.

The pennant pattern looks similar to a bull flag, except that the latter’s consolidation range looks like a rectangle rather than a triangle. The bull pennant similarly serves as a continuation pattern, indicating the persistence of an upward trend.

From the highlighted chart above, the relevant level to watch here is the $2.73 level, which is a significant resistance region. According to Martinez, a price correction to $2.05 is possible if the XRP witnesses rejection around the $2.73 mark.

If the XRP price successfully breaches and closes above the $2.73 level, the altcoin could travel to a new all-time high of $11. This represents an over 350% rally from the current price point.

As of this writing, the price of XRP stands at around $2.42, reflecting a 1% decline in the past 24 hours. This decline has yet to impact the weekly performance of the altcoin, with the XRP price up by more than 16% in the last seven days.

As mentioned earlier, the XRP token now ranks as the third-largest cryptocurrency by market capitalization in the digital asset sector. According to data from CoinGecko, the altcoin boasts a market cap of more than $139.1 billion.