Analyst says XRP is ‘inching closer to a big move’ to $1.62
In this news:
Key takeaways
- Analyst Ali Martinez notes XRP is forming a descending triangle on the four-hour chart.
- A breakout above $1.53 could push the token toward a price target of $1.62.
- XRP market capitalization reached $95.8 billion following a 12 percent gain over six months.
Technical patterns and price targets
Although XRP has faced strong resistance around $1.53 over the past seven weeks through October 5, 2026, cryptocurrency analyst Ali Martinez has set key conditions for the asset to rally toward $1.62 soon.
Martinez noted that XRP’s price is forming a descending triangle on the four-hour chart, according to his X post, which Finbold analyzed on Monday. As such, this analyst expects XRP to reach $1.62 if it breaks above the hypotenuse of its descending triangle.
As this token inches closer to the apex of its descending triangle, Martinez believes a breakout is imminent, despite relatively low demand from whale investors. As a result, he highlighted that XRP price must consistently close above a supply level around $1.53 to confirm a rally towards $1.62.
“XRP continues to consolidate inside a triangle. As price moves closer to the apex, a bigger move could be approaching,” Martinez flagged.
The bullish outlook could, however, be delayed if this token’s price falls below the horizontal lower trendline, near $1.4699, of the descending triangle.
Market performance and trading volume
XRP price has climbed by more than 12% over the past six months, thereby increasing its market capitalization to $95.8 billion at the time of reporting. During the last three months, this token rallied by more than 31% largely fueled by renewed institutional demand as Finbold explained.
With the token having formed a potential higher high on the 6-month chart, Martinez anticipates it to maintain bullish sentiment.
Over the past 24 hours, this crypto asset saw its trading volume spike by more than 75% to approximately $1.95 billion at the time of writing, according to data from CoinMarketCap.
Consequently, this Martinez’s XRP price analysis favors a further uptrend amid an already established rising momentum.
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