Leading cryptocurrency analyst Ali Martinez anticipated on Monday a “decisive breakout” for XRP (CRYPTO: XRP) if the token successfully surpasses a key resistance level.
Where Is XRP Headed?
Martinez posted an animated video showing XRP’s consolidation inside a symmetrical triangle on the hourly timeframe
XRP has been consolidating around the $1.09–$1.11 range throughout July. The video suggested that a breach of $1.13 could open the door for a potential rally toward $1.30.
“A decisive breakout above it could confirm the bullish breakout and open the door for further upside,” Matinez added.
Notably, Martinez flagged a “Buy” signal for XRP last week, around $1.109. Since then, the token is up 3.3%.
The Signals That Matter
The Moving Average Convergence Divergence indicator, which compares two exponential moving averages of an asset’s price, also flashed a "Buy" reading for XRP, according to TradingView.
The Bull Bear Power indicator, which measures the strength of buyers and sellers, remained “Neutral,” and so did the Relative Strength Index, which hovered just above 50.
Meanwhile, open interest in XRP futures has risen by over 6% in a week, according to Coinglass, indicating high speculative interest. This, complemented by a 5.58% increase in spot price over the same period, validated the bullish trend.
Smart money sentiment, which refers to the collective outlook and capital allocation of institutional investors, turned “bullish.”
Price Action: At the time of writing, XRP was exchanging hands at $1.13, up 3.72% in the last 24 hours, according to data from Benzinga Pro.
Photo Courtesy: Mehaniq on Shutterstock.com
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