XRP’s price surged to over $1.60 today, a level not seen in over a month, before settling around $1.50. The asset briefly surpassed BNB in market capitalization, and analyst Ali Martinez outlined a potential target of $1.85 based on chart analysis. The move occurred despite spot XRP ETFs recording net outflows.
Ripple’s token XRP jumped earlier today to over $1.60 before being rejected. The asset now trades at around $1.50 but surpassed BNB in terms of market cap.
In the days leading up to the surge, Ali Martinez reported that the Bollinger Bands on XRP’s chart had squeezed. The analyst suggested a bigger move was on its way.
The cross-border token broke out of its previous trading range yesterday, surging past $1.50. Consequently, Ali Martinez noted that the move might take the asset to its next notable target at $1.85.
The impressive price resurgence comes even as the spot XRP ETFs continue to underperform. The funds were in the red once again on Monday, with almost $6 million in net outflows.
CryptoWZRD also weighed in on the token’s recent performance, noting that it closed “strongly bullish,” especially against BTC. The analyst expects “more bullish moves from XRP/BTC.”
Market observer CW outlined a chart showing that XRP has touched the lower line of the ascending channel. They added that “an uptrend has now begun” after a Heikin Ashi green candle appeared.
