XRP is forming a bullish reversal pattern on its daily chart, making a break above $1.55 a key near-term turning point.

On Sept. 19, blockchain outlet The Crypto Basic reported that cryptocurrency analyst Ali Martinez (알리 마르티네즈) sees XRP forming an inverse head-and-shoulders pattern and said the setup, if completed, could open room to rise toward around $2.

The key level Martinez highlighted is $1.55. He said XRP is forming the right shoulder of an inverse head-and-shoulders on the daily chart and that he is watching a move toward the neckline near $1.55. He added that $1.55 is the key level and that an upside break above it would be the benchmark for confirming the pattern.

Martinez also gave a specific upside estimate. He said a break above $1.55 could allow about a further 35 percent rise, with a target zone around $2.09.

The path to $2 is not simple. Martinez forecast that XRP could first reach $1.55, then move through $1.70 and $1.90, and ultimately head toward around $2.10. The move from the current price of $1.40 to $2 would be a 50 percent gain, but he said the 35 percent figure is calculated from after a break above $1.55.

Another analyst, Chartnerd (차트너드), also views the current price area as important. He said XRP rebounded after touching its 20-week moving average and returned to the $1.33 to $1.36 area, which is both the midpoint of its price channel and a former support zone. He said this area could turn into resistance if it fails to recover.

Chartnerd said if XRP fails to clearly reclaim the $1.33 to $1.36 zone, it would next face a downward resistance line. XRP is trading just below the previous $1.33 to $1.36 range, meaning the market needs to first confirm whether it can retake that area in the near term.

The resistance level the market is watching has also moved up a notch. Martinez previously said XRP could move within a triangle pattern as long as it holds the $1.31 to $1.35 support zone, and he pointed to $1.38 as a key breakout level. He also said that if it clears $1.38, it could head toward $1.60. With the focus now up to $1.55, XRP must break through intermediate resistance levels in sequence to approach $2.

Ultimately, the market is watching two points. One is whether XRP can turn the $1.33 to $1.36 zone back into support, and the other is whether it can confirm the inverse head-and-shoulders pattern by breaking above $1.55. If XRP meets these conditions, expectations for a move into the $2 range could grow, but if it fails, the current zone could again act as resistance.

XRP TARGETS $2 On the daily chart, $XRP appears to be forming the right shoulder of an inverse head-and-shoulders pattern. If the setup continues to develop, I’m watching for a move toward the neckline near $1.55. That’s the key level. A confirmed breakout above $1.55 could… pic.twitter.com/HQfEkWiDoj