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Despite the recent drops and volatility, a crypto analyst has stated that the price of XRP is about to break out of a bullish flag pattern. According to the analyst, a successful breakout of this bullish flag could result in a massive 50% price gain for XRP, bringing the cryptocurrency closer to its previous all-time high of $3.84, recorded during the 2021 bull run.
XRP Price Targets $3.6 After Bull Flag Breakout
In recent weeks, the price of XRP has formed a bullish flag patternindicating a potential for continued upward movement. According to cryptanalyst Captain Faibik shared chart on X (formerly Twitter), XRP is preparing to break this bullish flag on the daily time chart.
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A bull flag is widely recognized as a continuation pattern. It is formed when the price of a cryptocurrency trades sideways or undergoes a correction and indicates the potential for a strong upward movement.
On the analyst chart, XRP is testing the upper boundary of the bullish flag pattern, with the aim of overcoming it and trigger your next price rally. Captain Faibik has predicted that if XRP manages to overcome this bullish flag and maintain a price above it, it could spark an impressive 50.22% rally.
It is currently trading at $2.2. If XRP can recover up to 50% following its breakout of the bull flag, its market price could jump significantly to $3.3. This projected target is just 16.36% away from surpassing XRP’s $3.84 ATH, reached during the previous bull run in 2021.
Further consolidating your confidence in The future path of XRP priceCaptain Faibik’s recent prediction doubles previous projections in previous X publications, where the analyst predicts massive price increase to $3.66 for XRP.
Elliott Waves to Drive XRP Above $20
In another X post, a prominent crypto analyst identified as “CryptoBull” provided that XRP price could rise above $20 later in this bull cycle. However, the analyst also projects that the cryptocurrency could reach a short term goal of $13 within the next few weeks.
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CryptoBull has based its optimistic XRP price projections on Elliott Impulse Waveshighlighting its impact on the cryptocurrency’s historical price movements. The analyst revealed that Elliott impulse waves typically begin after a cryptocurrency experiences a significant swing. price breakout.
He further explained that in 2017, the five waves of Elliott’s impulse cycle had caused a price increase from $0.002 to $3.84, representing a staggering 70,000% increase. Based on this historical trend, CryptoBull projects that XRP could witness a similar bullish rally. It forecasts that the five Elliott impulse waves could cause a 6,000% increase in the price of XRP during this bullish cycle, pushing it to new ATHs of $26.
Featured image created with Dall.E, chart from Tradingview.com
