Analyst Predicts XRP Price Rally to $17, But There’s a Catch

Ripple’s XRP is back in the spotlight after hitting its four-month high near $3 on July 11, igniting hopes of a long-awaited price breakout toward a new all-time high (ATH).

The altcoin was up nearly 25% the past week and traded near $2.8 at the time of writing, as Bitcoin’s brand-new ATH of around $119,000 has injected a new dose of optimism in the Web3 market.

A veteran market analyst predicts that a decisive close above a key resistance level could set the stage for a potential XRP rally toward $17.

XRP Price Eyes Surge to Double Digits After Patterned Breakout

XRP’s recent breakout from a multi-year symmetrical triangle has market commentators buzzing about major upside potential.

Popular analyst Ali Martinez highlighted this pattern as a long-term momentum shift, even mapping out a Fibonacci-based road map of possible XRP price targets extending into double digits.

He noted that one final hurdle stands in the way: a decisive weekly close above roughly $3. Clearing that level could trigger a surge toward the $6 region and potentially to even $17.

However, Martinez has cautioned that despite the enticing targets on the chart, he plans to lock in profits around $6 – unless that breakout confirmation truly materializes, opening the door to those higher price levels.

On the fundamental side, timing couldn’t be better. Ripple’s long-running legal battle with the US SEC tilted in Ripple’s favor, with Web3 experts even suggesting the SEC may drop its appeal and give Ripple a clean regulatory slate.

Meanwhile, on-chain data shows whales bracing for the next leg up, with a record 2,743 addresses each holding at least 1 million XRP (more than 47 billion coins in total).

These tailwinds reinforced Martinez’s bullish outlook, suggesting XRP price could follow through on the chart’s ambitious roadmap.

Traders Stack Long XRP Bets After a Double-Bottom Breakout

On July 11, analyst Steph Is Crypto highlighted a textbook double-bottom on XRP’s 3-day chart. He highlighted how the pattern’s neckline at around $2.40 was recently breached, confirming a trend reversal.

Anticipating this breakout to fully unfold, the analyst charted a path toward $4.00–$4.50 as the potential target in the near term.

Interestingly, XRP price’s trading metrics and broader market context have reinforced this bullish setup. The patterned breakout saw the altcoin’s trading volume surge to more than $600 million in value on July 11.

Even derivatives data reaffirmed traders’ optimism. At press time, Binance’s long-short ratio was above 2:1, showing traders are stacking twice as many long bets as shorts.

With top altcoins outperforming Bitcoin in recent days as BTC dominance slightly dipped, the market sentiment is further supporting XRP’s momentum.

XRP’s Rally Faces Crucial Test at $3: What’s Next for Traders?

XRP’s daily chart showed that the price was above all major moving averages (20, 50, and 200-day), confirming a strong uptrend. Looking ahead, the $3 level is the next major resistance, followed by the $3.32 mark near XRP price’s ATH.

A break above $2.94 could quickly lead to a test of the psychological $3 zone, while clearing $3.32 could easily set the stage for another historic rally.

The Crypto Fear & Greed Index was in the “Greed” zone at press time, reflecting high optimism among investors.

But history tells us that a period of extreme greed often precedes a cooling-off period. As long as XRP price holds above $2.6, bulls will remain in control, and its breakout structure will remain intact.

If the ongoing rally pushes past $3, traders could expect another powerful leg higher in the coming weeks.

On the downside, $2.6 is critical support (the recent breakout area). Holding above this level will keep the uptrend alive, whereas losing this level might trigger a deeper pullback toward $2.2.

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