Cryptocurrency analyst Ali Martinez projected that XRP (CRYPTO: XRP) could reach a technical target near $60 if it confirms a breakout from a nearly decade-long ascending triangle pattern.

Martinez identified $3.66 as the key barrier on the monthly chart. A monthly close above this level would confirm the breakout and activate the upside target, according to his analysis posted on X.

Technical Context and Price Action

XRP has never approached the $60 mark. Its all-time high remains $3.84. If the forecast materializes, it would imply a surge of 4,185.71% from current levels. At the time of writing, XRP was trading at $1.40, down 0.94% in the last 24 hours.

An ascending triangle is generally viewed as a bullish chart pattern. It suggests that price usually breaks above the horizontal resistance line, indicating the prior uptrend is likely to resume.

Mixed Indicator Signals

Technical indicators present a mixed picture for the asset:

• The Awesome Oscillator issued a "Buy" signal.
• The Bull Bear Power indicator remained "Neutral."
• The Relative Strength Index hovered just above 50, also rated "Neutral."
• The Moving Average Convergence Divergence indicator flashed a "Sell" rating.

Open interest in XRP futures rose by nearly 2% in a week, according to Coinglass, indicating high speculative interest.

What the Numbers Show

The divergence between the bullish long-term chart pattern and the bearish short-term momentum indicator (MACD) highlights a conflict between structural support and immediate selling pressure. While the ascending triangle suggests potential for significant upside, the current trading price of $1.40 remains significantly below the $3.66 breakout threshold, requiring a substantial move to validate the analyst's thesis.

Ripple Labs' stablecoin RLUSD reached a record $2.4 billion in total supply, marking a 51% increase over the last 30 days. This acceleration coincides with XRP trading at $1.4147 on September 5, holding steady above its 200-day exponential moving average (EMA).

Stablecoin Growth Accelerates

Launched in December 2024, RLUSD has seen rapid expansion in recent months. Data from Artemis indicates that the token’s supply growth has outpaced major competitors like Tether and USD Coin. The rise is driven by increasing adoption on the XRP Ledger, where RLUSD assets have accumulated to $1.1 billion. Concurrently, the number of holders and transaction volumes for the stablecoin continue to expand.

ETF Inflows and Market Dynamics

Demand from American investors remains robust, evidenced by consistent inflows into XRP-focused exchange-traded funds. These funds recorded net inflows in every month except March, when they lost $38 million. For the current month, inflows stand at $13 million, following a strong August performance of $159 million.

Futures market activity also reflects growing interest, with open interest jumping in recent weeks. Simultaneously, circulating XRP tokens on major exchanges such as Binance and Coinbase have declined, suggesting increased accumulation by long-term holders.

Technical Outlook

Technically, XRP has maintained support above $1.3093, its lowest level on September 2. The price action has formed a bullish flag pattern, characterized by a vertical line and a descending channel. Traders are watching the initial resistance level at $1.6975, which represents the token's highest point in August.

What the Numbers Show

The divergence between rising RLUSD supply and declining exchange balances for XRP suggests a shift in investor behavior toward holding assets rather than trading them actively. With RLUSD assets on the XRP Ledger reaching $1.1 billion, nearly half of the total stablecoin supply is anchored to the native chain, indicating deepening utility integration alongside speculative demand.

Broader macroeconomic factors, including US public debt exceeding $40 trillion, have also prompted traders to rotate into crypto markets amid ongoing stock market volatility.