XRP's Bull Flag: Breakout or Back to $1?

Crypto analyst Steph Is Crypto shared his thoughts on XRP's current price structure, suggesting that it may not continue higher despite signs of bullish consolidation. According to him, XRP is forming a large bull flag following its previous rally, with downward-sloping resistance and support lines indicating a local uptrend.

The analyst pointed out that XRP needs to overcome the key level of $1.43 before confirming a bullish breakout. A close above this level would trigger another move higher, potentially sending XRP above $2 with a short-term target of $2.10.

However, Steph also highlighted the downside level around $1.32 as important support. If XRP closes multiple four-hour candles below this region, it could indicate that the bullish structure has failed.

Looking at the weekly timeframe, Steph compared XRP's current structure to its price action near the end of the 2022 bear market using the Gaussian Channel indicator. He noted that XRP is replicating a similar structure, which could lead to two possible scenarios: either a stronger upward move or a potential drop toward $1.