Weekly Bull Flag Forms on XRP Price Chart Indicating Potential for Double-Digit Rally
Crypto analyst Dark Defender identified a weekly bull flag on the XRP price chart, suggesting a potential rise to double digits in this market cycle.
Weekly Bull Flag on XRP Chart
Dark Defender noted the appearance of a weekly bull flag, which initially formed on the daily chart when XRP was priced at $0.70. This led to a rally towards $1.88. With the current weekly bull flag, he predicts XRP could reach as high as $11, targeted for early 2025 between January and March. He warned of possible sideways price movement but maintained that the ultimate targets would remain unchanged.
Dark Defender believes the $11 target may not represent the peak, predicting a possible rally to $18 during this bull run. Currently, XRP is trading sideways after a previous parabolic gain of 281%. Key support levels are noted at $2.13 and $2.27, with potential targets of $3.90 and $5.50 for the next upward movement.
Optimistic Targets for XRP
Analyst Ali Martinez proposed an "optimistic" target of $48.12 for XRP, while a conservative estimate stands at $8.40. These insights follow a breakout from a multi-year symmetrical triangle, indicating potential undervaluation.
Martinez also highlighted three consecutive bull pennants on the 4-hour chart, suggesting a retest of $2.25 for buying opportunities, aiming for a target of $4.40, which would mark a new all-time high for XRP.
As of now, XRP is trading at approximately $2.18, reflecting a decline of over 11% in the last 24 hours, according to CoinMarketCap.
