XRP price is poised for a potential breakout, with trading near the top of a descending triangle on the 12-hour chart. Analyst Ali Martinez points to a potential target of $3.60 if this resistance breaks. Futures open interest stands at $7.94 billion, indicating high trader readiness for volatility.
Chart analysis suggests the next key level is around $3.10 – $3.40 based on Fibonacci levels. However, failure to break through this triangle could send XRP back down toward $2.75. If a breakout happens, however, experts like Ali Martinez predict prices could quickly reach $3.60.
While technical signals show promise, market confirmation remains elusive. A clear price direction and increased volume are needed before further action. Notably, the rise in open interest reflects a surge of trader activity, hinting at the possibility of a significant move following a prolonged period of quiet trading. Trader Galaxy comments on this volatility by stating ‘pure consolidation for over 280 days in the $2-3 range, and running out of space to compress.’ This suggests that the current market situation favors a breakout.
As the price action unfolds, traders will be watching closely for confirmation before making any significant decisions.