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Analyst Predicts XRP Bull Flag Could Lead to $10 Rally
An analysis suggests XRP may be following a Bull Flag pattern on its monthly chart, which could indicate potential bullish trends.
Key Points
- XRP is possibly trading within a Bull Flag, a continuation pattern in technical analysis that suggests potential for a bullish breakout.
- The pattern consists of a consolidation channel (the "flag") and an initial sharp upward move (the "pole").
- A breakout from the Bull Flag typically occurs in the same direction as the preceding trend, implying further price increases.
- If XRP retests the $1.90 level and rebounds, it could trigger a rally towards $10.
- This scenario is based on the pattern's expectation of a breakout equal to the height of the pole.
- Additionally, XRP's 3-day price also shows a similar consolidation pattern, suggesting a buying opportunity at $1.90 with a potential rally to $6.
XRP Price
Current trading price: $2.53, marking a 10% increase over the past 24 hours.
