A popular cryptocurrency analyst has recently presented a bullish case for the native token of the XRP Ledger, XRP, suggesting suggesting a significant price increase is on the horizon.
The analysis, based on a review of the XRP/USD chart on a monthly timeframe sourced from Binance, highlights a prominent “bull flag” pattern. In a post shared on the microblogging platform X (formerly known as Twitter) with their over 100,000 followers Dark Defender noted the price of XRP could go as high as $18.2 in the chart.
The bull flag, characterized by a sharp price increase followed by a period of consolidation, appears across multiple timeframes, including monthly, three-month, and six-month charts, the analyst noted. The consolidation period, marked by converging red and blue trendlines, forms a triangle – a technical indicator often interpreted as a precursor to a breakout.
Dark Defender utilized the flagpole and Fibonacci extension levels to predict potential future price points for XRP, and projected the cryptocurrency’s first target sits at the 161 $1.88 mark, while a more ambitious target would see it rise to over $5.
The most optimistic prediction suggests a price surge exceeding $18.23. Notably, Dark Defender’s analysis incorporates a blue line mirroring the flagpole’s length, hinting at the possibility of XRP’s price climbing that much.
Other analysts are also bullish on the native token of the XRP Ledger, with digital content creator Block Bull pointing to a massive value increase to the point the cryptocurrency would reach the $250 mark by 2025, supporting the prediction with an analysis of historical market trends, especially those related to Bitcoin halving events.
Another cryptocurrency analyst, Jonathan Carter, has suggested XRP may be on the cusp of a significant upswing, pointing to a symmetrical triangle on the cryptocurrency’s weekly chart, from which XRP could soon break out of.
The price of XRP has been trapped within this triangle for several years, reflecting a potential tug-of-war between buyers and sellers. A successful breakout, Carter said, would see XRP move upward significantly.
Despite the bullish analysis, the cryptocurrency market remains inherently volatile, and unforeseen events can significantly impact price movements. Additionally, the lingering SEC lawsuit, which centers around XRP’s classification as a security, continues to cloud the token’s future.
A negative outcome in the lawsuit could dampen investor sentiment and derail any potential price surge. Nevertheless, other analysts remain bullish, with Egrag Crypto recently saying a potential surge to the $4 mark is “feasible.”
Featured image via Pixabay.
