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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.
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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.
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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.
Featured image created with Dall.E, chart from Tradingview.com
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