Are You Seeing This? (Analyst)

TL;DR

• Ripple’s native token skyrocketed to just over $3 yesterday, reaching its highest price tag in over four months.
• Although it was stopped there, at least for now, one popular analyst believes a new all-time high could be just around the corner.

It has been a fantastic period for the entire cryptocurrency market, which started last Wednesday and culminated (at least for now) yesterday when bitcoin soared by over $15,000 and charted a new all-time high at just over $123,000.

XRP also benefited from the market revival and shot up from its consolidation range of around $2.2-$2.3 to $3.05 (on Bitstamp), thus exceeding that level for the first time since early March.

Ripple’s token broke out of the consolidation phase by confirming an inverse head and shoulders pattern. Now, the same analyst who predicted the price surge from $2.3 to $2.6 and beyond is making even bolder claims.

“XRP is testing the top of the channel at $3. A weekly close above the $3 resistance could trigger a breakout to $4.80,” Martinez said, which would automatically mean uncharted territory, since the asset’s current peak stands at $3.4, according to CoinGecko.

Consequently, Martinez, who has roughly 140,000 followers on X, asked, “XRP is screaming all-time highs – are you seeing this?”

The cross-border token, which became the third-largest in the cryptocurrency market after its rally last week, was stopped at the $3 resistance and now sits below $2.9.

However, the overall market sentiment remains highly bullish, and today’s correction has been perceived as a healthy one following several days of “up only” trading action.

History is also on XRP’s side. As reported recently, the asset’s latest performance has mirrored a 2017 pattern, which resulted in a massive triple-digit price surge. As such, another analyst predicted a 250% pump that could drive XRP toward $10.

Meanwhile, the CEO of SBI Global Asset Management praised the third-largest cryptocurrency due to its growing role in global remittance and claimed that it represents “the wealth transfer of our generation.”