XRP Analyst Sees Bull Flag Pattern Setting Stage for Potential Breakout
XRP has formed a bull flag after a significant weekly rally following months of choppy trading since July. The price is currently sitting between $1.30 (bearish invalidation) and $1.43 (breakout confirmation). An analyst predicts that if XRP breaks above $1.43, it could reach a near-term target of around $2.10, roughly a 56% increase from the current price.
The bull flag pattern is formed when the price trades sideways after a strong move up, and in this case, it's a brief pause before potentially continuing to rise. XRP has been stuck in a tight range since last July's bear market began, but recently broke out with one of its biggest weekly moves in a long time.
The analyst emphasizes the importance of watching $1.43, as a confirmed break above this level could open the door to a run toward $2.10 in the near term, with $3.68 as a longer-term target if momentum keeps building. On the other hand, losing $1.30 would flip the picture bearish.
Interestingly, many retail traders reportedly cashed out around $1.70 last week, assuming the move was over. This could leave momentum fragile and make this setup catch people off guard.