Weekly Bull Flag Appears On XRP Price Chart, Why A Double-Digit Is Still Feasible
Crypto analyst Dark Defender revealed that a weekly bull flag has appeared on the XRP price chart. The analyst further explained why XRP could hit double digits in this market cycle following this development.
Weekly Bull Flag Appears On XRP Price Chart
In an X post , Dark Defender stated that a weekly bull flag has now appeared on the weekly XRP price chart. He noted that this bull flag had earlier appeared on the daily chart when XRP was at $0.70, as the crypto targetted the $1.88 price level, which it eventually rallied to. With this bull flag on the weekly, the crypto analyst predicted that XRP could rally to double digits.
Source: X
His accompanying chart showed that the XRP price could rally to as high as $11 as it breaks out from this bull flag. XRP is expected to hit this price target in early 2025, between January and March. Dark Defender cautioned market participants that there will surely be some sideways price movement. However, the crypto analyst expects the ultimate targets to stay the same.
Based on Dark Defender’s previous analysis, the $11 target is unlikely to be the market top for the XRP price, as the crypto analyst predicted that the crypto could rally as high as $18 in this bull run. For now, XRP continues to trade sideways, just as he warned that the crypto would do. The crypto had recorded a parabolic rally last month, recording a price gain of 281%.
However, the XRP price has cooled off this month as it consolidates for its next leg up. Dark Defender previously highlighted $2.13 and $2.27 as key support levels to watch out for as XRP ranges. Meanwhile, the analyst mentioned $3.9 and $5.5 as the next targets XRP could reach on its next leg up.
An “Optimistic” Target For XRP
In an X post, crypto analyst Ali Martinez stated that $48.12 is an “optimistic” target for the XRP price. Meanwhile, he highlighted the $8.40 price level as a conservative target for XRP. These predictions came as the crypto analyst remarked that the crypto looks undervalued after breaking out of a massive multi-year symmetrical triangle, which he highlighted on the chart.
Source: X
Meanwhile, in another X post, he revealed that the XRP price has formed three consecutive bull pennants on its 4-hour chart. Based on this, Martinez stated that market participants should hope for a retest of $2.25 so they can buy the dip, with XRP targeting $4.40 on its next leg up. A rally to $4.40 will mark a new all-time high (ATH) for XRP.
Source: X
At the time of writing, the XRP price is trading at around $2.18, down over 11% in the last 24 hours, according to data from CoinMarketCap.
Featured image created with Dall.E, chart from Tradingview.com
Scott Matherson
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