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Analyst Says XRP on Cusp of Bullish Breakout if It Can Break Through This Major Resistance Level

August 01, 2024

One widely followed crypto analyst says the native token of the XRP Ledger (XRPL) is on the verge of a rally.

Crypto trader Ali Martinez tells his 68,700 followers on the social media platform X that XRP just needs to break through $0.90.

“XRP has been consolidating within a symmetrical triangle for six years! A bullish breakout could occur if XRP surpasses $0.90.”

XRP is worth $0.587 at time of writing, down 10% over the last 24 hours but still up 22% over the last 30 days.

Looking at blockchain oracle Chainlink (LINK), Martinez turns to a technical analysis tool used to predict potential trend reversals in the cryptocurrency market. Analyzing LINK’s TD Sequential, Martinez says the blockchain oracle will be moving up soon.

“The TD Sequential presents a buy signal on Chainlink four-hour chart, anticipating a rebound for LINK!”

LINK is currently trading for $12.50, down 5% on the day.

Last week, Martinez predicted that Solana (SOL) could put up a more than 400% gain based on historical precedence.

“Solana is looking a lot like July 2021 – $1,000 SOL coming soon!”

He also pointed out that Bitcoin’s (BTC) relative strength index (RSI) – a momentum oscillator used to analyze whether an asset is overbought or oversold – was flashing bullish at the time.

Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Featured Image: Shutterstock/Zaleman/INelson