Crypto Analyst Predicts XRP Price Explosion To Over $18
May 17 2024 - 8:30AM
NEWSBTC
In a recent analysis provided by the crypto analyst Dark Defender,
a compelling case has been made for the potential significant rise
in the price of XRP. Through a detailed examination of the XRP/USD
chart on a monthly time frame, as sourced from Binance, Dark
Defender highlights a large bullish formation, which he describes
as a “bull flag” across multiple longer-term time frames including
monthly, three-month, and six-month charts. XRP Price Gears Up For
Explosive Move The analysis shows a substantial initial upsurge in
price marked by a green arrow, suggesting a strong bullish momentum
that started around early 2017 and peaked later that year. The
price action following this peak is what Dark Defender identifies
as a bull flag pattern. This pattern is characterized by a period
of consolidation following a sharp movement in price, resembling a
flag on a pole. The consolidation, traced with a red descending
trend line and a blue ascending trend line, forms a converging
pattern known as a triangle, which typically suggests that the
period of consolidation is nearing an end as the lines converge.
According to Dark Defender, this suggests a breakout is imminent.
Related Reading: XRP & Cardano Whales Load Up Bags: Preparation
For Altcoin Rally? “I have read some posts that XRP had a bull flag
in the daily time frame, etc. If those are correction bull flags,
this is a bull flag, too. But a bullish one. It is in the monthly,
three-month, and six-month time frames. If you know a bull flag,
you can enjoy your coffee today. Cheers,” he stated. In his
forecast, Dark Defender uses the flag pole and Fibonacci extension
levels to predict future price points. After the expected breakout
above the red resistance line, the first target is situated at the
161.80% Fibonacci level, which would bring XRP to approximately
$1.88. A further ambitious target is set at the 261.80% Fibonacci
level, priced at about $5.86. The most optimistic target lies at
the 361.80% Fibonacci level, forecasting the price to soar as high
as approximately $18.23. Notably, Dark Defender’s blue line,
analogous in length to the flagpole, shows that the XRP price could
rise well above $18. Different Analysis, Similar Price Targets This
analysis was further commented on by another renowned XRP community
analyst, EGRAG CRYPTO, who brought attention to the fact that the
flag portion of the pattern extends beyond half the length of the
initial pole, a structural detail that might typically invalidate
the bull flag designation. Related Reading: Buckle Up, XRP Fans:
Analyst Eyes Price Explosion To $0.65 In Next 5 Days “I’ve dabbled
in this analysis before, but lately, I’ve become increasingly
intrigued by the potential of a symmetrical triangle breakout. What
caught my eye is that the Flag is extending beyond half the length
of the Pole which invalidates the structure. Regardless of who’s
right or wrong, hope to meet in the near future and being
multimillionaires. Keep up the fantastic work,” Egrag noted.
Despite this technical caveat, EGRAG CRYPTO remains positive about
the potential of a symmetrical triangle breakout. In a recent
analysis of the weekly chart, EGRAG elaborated that XRP will at
least explode towards $1.5 if price breaks out to the upside of the
triangle. On a broader triangle pattern, EGRAG expects a move to
$5.89. “XRP Army, STAY STEADY! There’s a mini pump to $1.5 and a
major pump to $5.89 in the cards, with the MACRO pump potentially
soaring above 2 digits,” he stated. Despite their different
approaches, the two analysts are therefore very close in their
analyses. At press time, XRP traded at $0.5189. Featured image
created with DALL·E, chart from TradingView.com
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