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.

XRP Bull Flag

XRP Parallel Channel