XRP Price Eyes Bullish Flag Breakout That Could Put 50% Gains On The Board

NewsBTC
Updated
Mitrade
coverImg
Source: DepositPhotos

Despite recent declines and volatility, a crypto analyst has declared that the XRP price is on the cusp of breaking 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 Bullish Flag Breakout


Over the past few weeks, the XRP price has formed a bullish flag pattern, indicating a potential for continued upward movement. According to crypto analyst Captain Faibik’s shared chart on X (formerly Twitter), XRP is preparing to break out of this bullish flag on the daily time frame chart. 


XRP Price 1


A bullish flag is widely recognized as a continuation pattern. It forms when a cryptocurrency’s price is trading sideways or undergoing a correction and indicates the potential for a strong upward movement. 


On the analyst’s chart, XRP is testing the upper boundary of the bullish flag pattern, aiming to break above it and trigger its next price rally. Captain Faibik has predicted that if XRP successfully breaks out of this bullish flag and maintains a price above it, it could spark an impressive 50.22% rally. 


Currently trading at $2.2, If XRP can rally as much as 50% following its bullish flag breakout, its market price could jump significantly to $3.3. This projected target is just 16.36% away from breaching XRP’s $3.84 ATH, achieved during the previous bull run in 2021. 


Further solidifying his confidence in XRP’s future price trajectory, Captain Faibik’s recent prediction doubles down on former projections in earlier X posts, where the analyst forecasts a massive price increase to $3.66 for XRP. 


Elliott Waves To Push XRP Above $20


In another X post, a prominent crypto analyst identified as the “CryptoBull” predicted that the XRP price could soar above $20 later in this bull cycle. However, the analyst also projects that the cryptocurrency could reach a short-term target of $13 within the next few weeks.  

XRP Price 2


CryptoBull has based his optimistic XRP price projections on Elliott impulse waves, highlighting their impact on the cryptocurrency’s historical price movements. The analyst disclosed that Elliott impulse waves typically begin after a cryptocurrency experiences a significant price breakout. 


He further explained that in 2017, the five waves of the Elliott impulse wave cycle had triggered a price surge 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 bull rally. He forecasts that the five Elliott impulse waves could spark a 6,000% increase in the XRP price during this bull cycle, pushing it to new ATHs of $26. 


XRP price chart from Tradingview.com

* The content presented above, whether from a third party or not, is considered as general advice only.  This article should not be construed as containing investment advice, investment recommendations, an offer of or solicitation for any transactions in financial instruments.

goTop
quote
Do you find this article useful?
Related Articles
placeholder
Can Dogecoin Really Hit $3.80? Analyst Says Yes—If This HappensDogecoin’s latest market structure is “significantly better than in prior bull markets,” according to Kevin, the crypto technician known on X and YouTube as @Kev_Capital_TA.
Author  NewsBTC
May 23, Fri
Dogecoin’s latest market structure is “significantly better than in prior bull markets,” according to Kevin, the crypto technician known on X and YouTube as @Kev_Capital_TA.
placeholder
Stop Focusing on Bitcoin: Stablecoins Are Seeing Big ChangesIn the past week, the crypto market has rebounded sharply, and Bitcoin has also hit a new high. At the same time, stablecoins are also undergoing some major changes.
Author  Insights
May 23, Fri
In the past week, the crypto market has rebounded sharply, and Bitcoin has also hit a new high. At the same time, stablecoins are also undergoing some major changes.
placeholder
Over $3.3 Billion in Bitcoin and Ethereum Options Expire Today Following Bitcoin’s All-Time HighToday, over $3.3 billion worth of Bitcoin (BTC) and Ethereum (ETH) options contracts will expire. This could affect the market’s short-term price movements.
Author  Beincrypto
May 23, Fri
Today, over $3.3 billion worth of Bitcoin (BTC) and Ethereum (ETH) options contracts will expire. This could affect the market’s short-term price movements.
placeholder
Bitcoin Hits New ATH With Minimal Overheating Signs – Is This A More Sustainable Rally?Unlike previous bull market rallies, Bitcoin’s (BTC) current momentum appears to be unfolding without signs of excessive market euphoria.
Author  Bitcoinist
May 23, Fri
Unlike previous bull market rallies, Bitcoin’s (BTC) current momentum appears to be unfolding without signs of excessive market euphoria.
placeholder
Dogecoin (DOGE) Heats Up: Upside Move Hints at Major Breakout AheadDogecoin started a fresh increase and climbed above the $0.2420 zone against the US Dollar. DOGE is now correcting gains and might start another increase.
Author  NewsBTC
May 23, Fri
Dogecoin started a fresh increase and climbed above the $0.2420 zone against the US Dollar. DOGE is now correcting gains and might start another increase.
Real-time Quote