XRP targets $4.40 as a third bullish pennant pattern is now formed on the 4-hour chart, continuing to capture the attention of analysts and traders.
XRP is grabbing the attention of traders and analysts alike as it forms three consecutive bullish pennant patterns on the 4-hour chart.
These patterns are typically indicative of trend continuation, hinting at strong upward momentum for XRP, especially following a brief pause in its recent bull run.
Analyst Ali Martinez highlighted the importance of XRP retesting the $2.25 support level in a post on X, suggesting that this dip might be an ideal buying opportunity for traders aiming to capitalize on a potential surge to a bullish target of $4.40.
This price forecast is supported by the breakout trajectory indicated by the pennant formations.
Interestingly, XRP dipped to $1.90 before rebounding, and as of now, it’s trading at $2.35, reflecting a 7% increase in the last 24 hours.
For those who missed the opportunity to buy at $1.90, Martinez believes the current price still offers a discount relative to XRP’s potential.
With a target of $4.40, that translates to an impressive 88% upside from its current level.
Many market commentators are optimistic that $4 could be the next milestone once the bull run resumes, given the relatively smooth path to that price point.
However, Martinez sees $4.40 as a more immediate target, highlighting the promising upside potential reflected in the chart patterns.
Adding to the positive sentiment, veteran analyst Peter Brandt has acknowledged XRP’s favorable outlook, stating that its weekly chart currently exhibits the strongest potential for a significant breakout in the crypto market.
While Brandt refrains from giving specific price predictions, other analysts are more vocal about their forecasts.
Martinez, for instance, has set a bold target of $48 for XRP, following its breakout from a multi-year symmetrical triangle, with a conservative estimate of $8.
In the backdrop of this bullish sentiment, whale investors are taking advantage of XRP’s dip, with recent data from Santiment revealing that they have increased their holdings by 100 million tokens, valued at over $200 million, amid yesterday’s market-wide downturn.
This strategic accumulation suggests that whales are positioning themselves for a potential rally in XRP’s price.
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Also Read: XRP’S Drop Now Sparks Optimism
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