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Cryptographic analyst dark defender revealed that a weekly bullish flag appeared on the XRP price chart. The analyst further explained why XRP could hit double digits in this market cycle after this development.
Weekly bullish flag appears on XRP price chart
in a x publicationDark Defender stated that a week bull flag has now appeared on the weekly price chart of XRP. He noted that this bullish flag had previously appeared on the daily chart when XRP was at $0.70, as the crypto was targeting the $1.88 price level, to which it eventually recovered. With this weekly bullish flag, the crypto analyst predicted that XRP could rise to double digits.
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The accompanying chart showed that XRP price could rise as high as $11 as this bullish flag breaks. XRP is expected to reach this price target in early 2025, between January and March. dark defender He warned market participants that there is bound to be some sideways price movement. However, the crypto analyst expects the ultimate goals to remain the same.
Based on Dark Defender’s previous analysis, the $11 target is unlikely to be the market high for XRP price as the crypto analyst predicted that the crypto could rally. as high as $18 in this confinement. For now, XRP continues to trade sideways, just as it warned the crypto would. The cryptocurrency recorded a parabolic rally last month, recording a 281% price gain.
However, XRP price has cooled this month as it consolidates for its next bullish leg. Dark Defender previously highlighted $2.13 and $2.27 as key support levels to watch in XRP ranges. Meanwhile, the analyst mentioned $3.9 and $5.5 as the next targets that XRP could reach in its next bullish leg.
An “optimistic” target for XRP
In a post X, crypto analyst Ali Martinez stated that $48.12 is an “optimistic” target for XRP price. Meanwhile, he highlighted the $8.40 price level as a conservative target for XRP. These predictions came as the cryptocurrency analyst commented that the cryptocurrency appears undervalued after breaking out of a huge multi-year symmetrical triangle, which he highlighted on the chart.
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Meanwhile, in another post by X, he revealed that XRP price has formed three consecutive bullish pennants on its 4-hour chart. Based on this, Martínez stated that market participants should expect a new $2.25 trial so they can buy the dip, with XRP targeting $4.40 on its next leg higher. A rally to $4.40 will mark a new all-time high (ATH) for XRP.
At the time of writing, XRP price is trading at around $2.18, a drop of over 11% in the last 24 hours, according to data from CoinMarketCap.
Featured image created with Dall.E, chart from Tradingview.com
