Key Insights
- XRP price traded near $1.40 on Sept. 5 after recent selling pressure.
- Ali Charts said a monthly close above $3.66 could target $60.
- XRP exchange-traded funds continued attracting institutional capital, according to SoSoValue.
XRP price remained near $1.40 on Sept. 5 after recent market weakness. However, analyst Ali Martinez outlined a long-term technical path toward $60.
Martinez said XRP had formed an ascending triangle across its monthly chart. He identified $3.66 as the main resistance level blocking a larger breakout.
A monthly close above that level could confirm the pattern, Martinez said. His technical projection placed the potential upside target near $60.
TradingView data showed XRP trading around $1.40 at publication time. The token remained about 62% below the analyst’s $3.66 breakout level.
XRP Price Prediction Points to $60 After $3.66 Breakout
Martinez based his XRP price prediction on a multi-year ascending triangle structure. Such patterns track higher lows beneath a relatively fixed resistance level.
The analyst said XRP had developed the structure for nearly a decade. However, the $60 target depended first on a confirmed monthly close above $3.66.
That distinction matters because XRP remained far below that resistance. A technical target does not represent a guaranteed price outcome.
XRP had recently recovered from levels near $1.00 before reaching about $1.70. TradingView data showed the token consolidating around the $1.40 area afterward.
Another analyst, CW, said recent declines had reduced leveraged positioning. CW noted that XRP long liquidations increased while short exposure also declined.
That process can reduce crowded derivatives positions after sharp volatility. However, it does not confirm sustained spot demand or a long-term breakout.
XRP ETF Data Shows Continued Institutional Exposure
Exchange-traded fund data added another factor to the XRP price outlook. SoSoValue tracked continued activity across U.S. XRP investment products.
The uploaded SoSoValue chart showed Bitwise XRP ETF daily net flows at $0 on Sept. 4. The chart also showed the fund trading near the $1.40 XRP price region.
Broader XRP ETF data showed continued institutional exposure during recent weeks. SoSoValue maintains dedicated flow data for U.S. spot XRP products.
ETF demand could support market liquidity over longer periods. However, ETF inflows alone would not confirm Martinez’s $60 technical projection.
Ripple Coin Gains Institutional Attention Through BIS Test
Ripple coin also received institutional attention after a Bank for International Settlements study. The Bank for International Settlements published a Sept. 2 working paper. Researchers tested the XRP Ledger for verifying official statistical datasets.
The system stored cryptographic fingerprints on the XRP Ledger. Users could then verify a dataset’s origin and detect later alterations.
The researchers stored fingerprints rather than the underlying statistical information. That design preserved data confidentiality while providing public verification.
The test represented a research proof of concept rather than XRP adoption by central banks. It also did not directly affect XRP demand.
For now, the XRP price prediction remained conditional on technical confirmation. XRP would first have to recover toward $3.66 before the $60 target became relevant.
Be the first to comment