XRP Bull Pennant Signals Potential Surge to $11, Says Analyst

• Analyst Ali Martinez highlights XRP’s ongoing consolidation within a bull pennant pattern.
• Key resistance at $2.73 could lead to a 12% rally, with a pullback to $2.05 possible if unbroken.
• A successful breakout could propel XRP to as high as $11, marking a potential all-time high.

XRP is experiencing improved market sentiment, with the token briefly touching the $2.50 psychological price earlier today. While the ongoing momentum has sparked optimism among XRP proponents, analyst Ali Martinez believes it may still be too early to forecast an ambitious price for XRP in the double-digit range.

Condition for XRP to Target $11

In a recent tweet, Martinez pointed out that XRP is still consolidating within a bull pennant pattern. According to him, the token, currently trading around $2.44, faces key resistance at $2.73.

Martinez says breaking this resistance level is important. If XRP fails to achieve this in the short term, he argues that a pullback to $2.05 is possible. Notably, XRP only needs to rally by 12% to break the highlighted resistance point.

However, regardless of the short-term barrier, the larger picture is optimistic. Martinez noted that a successful breakout from the pennant could catapult XRP to as high as $11.

Analysis of XRP’s Bull Pennant and Price Targets

The bull pennant pattern, characterized by a sharp price rally (the flagpole) followed by a period of consolidation within converging trendlines, indicates strong bullish momentum.

Fibonacci retracement levels plotted on the chart reveal critical support and resistance zones that traders are monitoring during this consolidation phase.

If XRP overcomes $2.70, the immediate target would be the 1.00 Fibonacci level, corresponding to a price of $2.91. After this, stronger bullish momentum is expected, with the next target at $4.73. This corresponds to the Fibonacci level of 1.272.

Notably, this would mark a fresh all-time high for the third-largest altcoin. It last established an all-time high precisely seven years ago in January 2018. According to Martinez’s chart, the highest point XRP could target based on this Fibonacci level is $11, corresponding to the 1.786 Fibonacci level.

Read also: Ripple’s Scarcity Model Reinforces RLUSD and XRP Ecosystem

Overall, XRP has been riding a wave of renewed investor confidence following its legal clarity in the concluding SEC lawsuit. This backdrop, coupled with improving broader crypto market sentiment, continues to fuel speculation of significant price appreciation for XRP.