Analyst Unveils Huge Price Targets for XRP, Says Altcoin Looks Undervalued After Massive Breakout

A closely followed crypto strategist believes payments altcoin XRP is primed to witness much higher prices after breaking out from a nearly seven-year holding pattern.

Analyst Ali Martinez tells his 96,200 followers on the social media platform X that he thinks XRP could print gains of at least 245% from current prices before the bull market cycle expires.

Relying on Fibonacci extension levels, which traders use to spot potential exit points, Martinez says XRP could climb a lot higher after shattering a diagonal resistance that has kept the market bearish since January 2018.

“To some, XRP looks overbought! To me, it looks undervalued after breaking out of this massive multi-year symmetrical triangle.

Conservative target = $8.40
Optimistic target = $48.12.”

Source: Ali Martinez/X

Zooming in, the trader says XRP has been printing three consecutive bullish continuation patterns, indicating that the altcoin is flashing massive strength.

“XRP: three consecutive bull pennants! We should all be praying for a retest of $2.25 to buy the dip and target $4.40!” 

Source: Ali Martinez/X

At time of writing, XRP is trading for $2.25, down over 2% in the past day.

Martinez is also keeping an eye on the meme token Pepe ( PEPE ). According to the analyst, crypto whales accumulated massive PEPE stacks over the weekend.

“Whales increased their PEPE holdings by $1.14 billion [on December 8th]!” 

Source: Ali Martinez/X

At time of writing, PEPE is worth $0.0000263, up nearly 2% in the past day.

Turning to Ethereum ( ETH ), the trader thinks that the leading altcoin is poised to record new all-time highs as long as it stays above an immediate support level.

Martinez uses the In/Out of the Money Around Price (IOMAP) metric – which classifies crypto addresses as either profiting, breaking even, or losing money – to determine support and resistance levels for ETH.

“There is nothing preventing Ethereum ETH from reaching new all-time highs. The only modest resistance zone ahead is around $4,540. But as long as the $3,560 demand zone holds, the odds favor the bulls!”

Source: Ali Martinez/X

At time of writing, ETH is trading at $3,753.

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