Expert sets key XRP price level to watch
Crypto analyst Ali Martinez expects a potential 5% rally for XRP price if it breaks out of its descending triangle in the short time frame.
This crypto expert has argued that XRP price could be on the cusp of a rally to $1.46, if it consistently closes above $1.40 in the 1-hour timeframe. As such, he signals a possible 5% upside.
XRP’s 1-hour chart. Source: TradingView
This analyst highlighted that XRP price has been forming a symmetrical descending triangle, which is a tug-of-war where buyers defend a support level near $1.3851 while sellers help form the hypotenuse. As the traders squeeze the XRP price towards the apex of the descending triangle, Martinez expects a strong rally towards $1.46 if the sellers yield.
XRP fundamentals and price performance
As the token’s price signals a potential bullish move in the near term, investors have been accumulating via spot exchange-traded funds (ETFs). The U.S. spot XRP ETFs have recorded eight consecutive weeks of cash inflows, amounting to $202.28 million at the time of writing, according to data from SoSoValue.
Spot XRP ETFs weekly cash flow. Source: SoSoValue
As such, the spot ETFs have a total of $1.48 billion in net assets at the time of reporting. Amid this notable demand from institutional investors, XRP price has surged by more than 34% over the past 30 days.
XRP’s 30-day chart. Source: Finbold
At the time of reporting, the token’s 24-hour trading volume was at $2.03 billion, down 3.28%, as per metrics from CoinMarketCap. With the token trading at approximately $1.40 at the time of publication, it has a market capitalization of roughly $87.92 billion.
Consequently, if the spot ETFs continue to accumulate more tokens in the coming days, the recent bullish momentum could increase, thereby hitting Martinez’s near-term target of $1.46.
Featured image via Shutterstock
