XRP Price Set To Outperform Bitcoin, Ethereum With 2000% Rally: Analyst

Kritika Mehta
Updated
Kritika Mehta

Kritika Mehta

News Writer & Journalist
Kritika boasts over 4 years of experience in the financial news sector. Currently working as a crypto journalist at Coingape, she has consistently shown a knack for blockchain technology and cryptocurrencies. Kritika combines insightful analysis with a deep understanding of market trends. With a keen interest in technical analysis, she brings a nuanced perspective to her reporting, exploring the intersection of finance, technology, and emerging trends in the crypto space.
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$2.6 Billion in Bitcoin, ETH, XRP, Solana Options Expire Today, Experts Raise Concerns

XRP price could deliver a much larger percentage rally than Bitcoin, Ethereum, and Solana if long-term chart patterns highlighted by analyst Ali Martinez play out. Martinez noted that the potential resistance level for XRP is above $31, a nearly 2,000% rise from the nearly $1.53 price level on his chart.

XRP Price Eyes Surge Above $31

Martinez said XRP “appears to be forming an ascending triangle on its monthly chart,” with resistance near $3.66.

The analyst’s chart is trending upward with the price of XRP making several attempts to the $3.66 resistance level. If that it’s above the level every month, then it’s a confirming breakout, Martinez said.

“A monthly close above that level would confirm the breakout and bring the pattern’s projected target near $31.87 into view,” he wrote.

A move from the chart level of $1.53 to $31.87 would result in a factor of about 20.8 or about 1983%.

The projection is based on the technical structure, and does not guarantee a price outcome. XRP would have to overcome $3.66 resistance that was highlighted by Martinez first.

Will XRP Outpace Bitcoin, Ethereum And Solana?

Martinez also did a comparison of long-term chart structures of Bitcoin, Ethereum and Solana. For Bitcoin price, he said BTC “appears to have traded within a rising channel for the past two years.”

Its most significant gauge is that it previously surged to near $125,000. If the upper line of the channel were to break down, it could bring the expectation that it will move towards $190,000. This suggests around 125% increase from the current BTC price around $85,400.

In addition, Ethereum has a long-term setup that is currently in place. According to Martinez, ETH price has been creating a channel on the monthly time frame for over five years. If the trend turns back up from the $5,000 level then the long-term forecast target could be $8,800. In case the target is realized, ETH price would have surged by a whopping 231%.

On the monthly timeframe, Solana price looks like it’s creating a cup-and-handle pattern. Martinez spotted a neckline forming around $295 with a breakout likely to create an opportunity to reach $2,744. It could lead to a 2,186% rally.

All of these targets suggest significant upside for all four assets, but the target for XRP’s projected move is out of the ordinary, in percentage terms, which is nearly 2000%. It is because of XRP’s lower price of $1.53 versus the $31.87 technical level. However, it’s safe to say that XRP still doesn’t flash the potential to outshine Solana as SOL is now eyeing a surge of nearly 2,200%.

The analyst’s charts accordingly have XRP as one of the more aggressive long-term setups. Hence, the $3.66 monthly resistance level is the pivot point to consider for the massive upside.

Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
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Why Trust CoinGape

CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more… to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.

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About Author
About Author
Kritika boasts over 4 years of experience in the financial news sector. Currently working as a crypto journalist at Coingape, she has consistently shown a knack for blockchain technology and cryptocurrencies. Kritika combines insightful analysis with a deep understanding of market trends. With a keen interest in technical analysis, she brings a nuanced perspective to her reporting, exploring the intersection of finance, technology, and emerging trends in the crypto space.