XRP Price Set to Explode? Analyst Sees Potential 3,000% Surge to Over $18 on Horizon

As a seasoned crypto investor with a keen interest in XRP, I find Dark Defender’s analysis particularly compelling. The bull flag pattern identified on multiple timeframes is a strong indicator of an upcoming price surge for XRP. While I have come across bull flags in the past, this one is unique due to its prominence across various timeframes.

A well-known cryptocurrency expert has recently made a bullish argument for XRP, the native token of the XRP Ledger, implying that a substantial price rise is imminent.

Based on an examination of the XRP/USD monthly chart obtained from Binance, there’s a noticeable “bull flag” formation emerging. As mentioned in a recent post with over 100,000 followers on microblogging platform X (previously known as Twitter), Dark Defender anticipates the price of XRP may reach $18.2 based on this chart pattern.

In simpler terms, an analyst pointed out that the bull flag pattern, which involves a significant price rise followed by a pause during which prices move sideways, can be observed on various timeframes such as monthly, quarterly, and half-yearly charts. During this pause, the price action forms a triangle, indicated by the convergence of red and blue trendlines, suggesting an imminent breakout.

If some posts suggest that XRP formed a bull flag pattern in its daily chart, I’d like to add that if those are indeed correctional bull flags, then this is another instance of a bullish flag occurring. This pattern can be identified in the monthly, three-month, and six-month time frames. For those familiar with technical analysis, recognizing a bull flag can bring confidence while enjoying your coffee break.— Dark Defender (@DefendDark) May 17, 2024

The Dark Defender employed the use of a flagpole and Fibonacci extension levels to identify possible future price points for XRP. The initial projected level indicates a first target at approximately $1.88, whereas a more optimistic outlook could potentially push the cryptocurrency’s price above $5.

According to the most positive projection, XRP‘s price could surge beyond $18.23. It’s worth noting that Dark Defender’s assessment includes a line in blue, which reflects the height of the flagpole, suggesting a potential price increase of this magnitude.

Analysts, including Block Bull, a notable digital content creator, hold optimistic views regarding the native token of the XRP Ledger. Block Bull forecasts that the cryptocurrency will experience significant value growth, potentially reaching $250 by 2025. This prediction is backed up by an examination of historical market trends, specifically focusing on patterns related to Bitcoin halving events.

As a cryptocurrency analyst, I’ve identified a potential trend for XRP based on its weekly chart. Specifically, there appears to be a symmetrical triangle pattern forming. Once XRP breaks out of this formation, it could experience a significant upswing in value.

For several years, the cost of XRP has been confined to a triangular range, indicating a continuous struggle between market bulls and bears. A successful breach of this pattern could lead to a substantial price surge for XRP, as per Carter’s analysis.

Although optimistic assessments abound, the crypto market’s inherent volatility persists. Unexpected occurrences can drastically influence price fluctuations. Moreover, the ongoing SEC lawsuit, focusing on XRP‘s designation as a security, casts uncertainty over its future prospects.

As an analyst, I would express it this way: A loss in the ongoing lawsuit could negatively impact investor confidence and potentially halt any anticipated price growth. However, other analysts, such as Egrag Crypto, remain optimistic, predicting a feasible surge towards $4.

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2024-05-18 07:46