TL;DR

XRPs consolidation has continued for weeks now, as the asset has been trading within a tight range between $2 and $2.3 with very few breakout attempts. However, one analyst has outlined a bullish technical pattern that could result in a substantial price pump for the fourth-largest digital asset. $XRP looks to be forming an inverse head and shoulders pattern, setting the stage for a potential breakout toward $2.60! pic.twitter.com/rn1C8Skd9E

In a separate video explaining the current landscape, Ali Martinez noted that XRP is about to rip and most traders will miss it.

This is because the asset has formed an inverse head and shoulders pattern over the past month, which he labeled as a classic bullish setup that could result in a 12% upswing.

To do so, though, XRP needs to reclaim the $2.33 resistance line, which would open the doors for such a surge to $2.6.

Ripples cross-border token has been confined in a tight range for nearly two months. In fact, the last time it traded close to Martinezs target was back in early May.

The analyst with roughly 140,000 followers on X has repeatedly highlighted the $2.33 and $2.38 resistance lines as crucial obstacles in XRPs path north.

Despite the recent stagnation, multiple other market commentators have laid out bullish price predictions for the asset. As reported yesterday, Steph Is Crypto touched upon the tightening Bollinger Bands, saying XRP skyrocketed by 600% the last time the technical indicator was in a similar position.