Despite recent fluctuations and uncertainty, a cryptocurrency analyst has stated that XRP’s price is on the verge of breaking out of a bullish flag pattern. The analyst suggests that a successful breakout from this bullish flag could lead to a substantial 50% price increase for XRP, bringing it closer to its previous all-time high of $3.84, achieved during the 2021 bull market.
XRP Price Aims for $3.6 Following Bullish Flag Breakout
Over the recent weeks, the XRP price has demonstrated the formation of a bullish flag pattern, indicating the potential for continued upward momentum. As per the chart shared by crypto analyst Captain Faibik on X (formerly Twitter), XRP is gearing up to break out of this bullish flag on the daily timeframe chart.
A bullish flag is commonly seen as a continuation pattern, emerging when a cryptocurrency’s price trades sideways or undergoes a correction, signaling the potential for a significant upward movement.
In the analyst’s chart, XRP is currently testing the upper limit of the bullish flag pattern, with the goal to surpass it and initiate its next price upsurge. Captain Faibik anticipates that a successful breakout from this bullish flag and maintaining a price above it could trigger an impressive 50.22% rally.
At its current price of $2.2, a 50% surge following the bullish flag breakout could push XRP’s market value significantly to $3.3. This target is only 16.36% away from surpassing XRP’s $3.84 all-time high, achieved in the last bull market in 2021.
Showing further conviction in XRP’s future price trajectory, Captain Faibik’s latest prediction reaffirms previous forecasts in earlier X posts, where the analyst predicted a substantial price rise to $3.66 for XRP.
Elliott Waves To Propel XRP Above $20
In a separate analysis, a renowned crypto analyst known as the “CryptoBull” foretold that the XRP price could surge above $20 later in this bullish cycle. However, the analyst also anticipates that the cryptocurrency could reach a short-term target of $13 within the coming weeks.
CryptoBull’s optimistic XRP price projections are based on Elliott impulse waves, emphasizing their impact on the cryptocurrency’s historical price movements. The analyst revealed that Elliott impulse waves typically initiate following a significant price breakout.
He further elaborated that in 2017, the five waves of the Elliott impulse wave cycle led to a price surge from $0.002 to $3.84, marking an exceptional 70,000% increase. Drawing from this historical pattern, CryptoBull predicts that XRP could experience a similar bullish run. The analyst forecasts that the five Elliott impulse waves could result in a 6,000% price surge for XRP during this bullish cycle, propelling it to new all-time highs of $26.
