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.
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.
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.
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.
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