The post XRP Price Ready for Breakout? Top Analyst Eyeing 26% Rally appeared first on Coinpedia Fintech News
The fourth-largest cryptocurrency by market cap jumped up by 1.5% on the very first day of the month, trading around $1.38. May traditionally has been among the most successful months for XRP, giving an average return of 23%.
On top of it, Well-known crypto analyst Ali Martinez says XRP is nearing a breakout zone that could trigger a sharp 26% move soon.
XRP is Getting Ready For a Breakout
According to Ali Martinez, XRP is currently trading inside a symmetrical triangle on the daily chart. This pattern forms when price moves between lower highs and higher lows, slowly tightening into a smaller range.
Based on the size of this pattern, a breakout could lead to a move of around 26% in either direction.
However, Martinez says this area is a risky zone for traders because false breakouts can happen here.
As of now, XRP is trading between two key zones. Support is near $1.35, while resistance sits around $1.45.
If XRP closes above $1.45, the next upside target could be around $1.82. But if the price falls below $1.35, XRP could slide toward $1.00.
XRP See 23% Jump In May
While technical indicators show a possible breakout, the broader market is still waiting for a trigger. Historical data shows May ranks among the strongest months of the year for XRP
Over the last 13 years, XRP has averaged a gain of more than 23% in May.
If history repeats, XRP could climb toward the $1.75 range by June and may even look to test the key resistance level near $2.03.
GraniteShares XRP ETF Launch Could Add Volatility
Another key date to watch is May 7, when leveraged XRP ETFs from GraniteShares are expected to launch. This event could bring additional volatility and act as a trigger for the next big move.
As of now, XRP spot ETF inflows have crossed $1.29 billion, a figure that shows institutional demand is not just present, it’s holding XRP even through the recent consolidation period.
The next few days could be important. If XRP breaks out of its current range, May may begin with much more than a 1.5% gain.