A recent analysis of XRP from prominent chartist XRP_Cro points out the formation of a bullish flag, which could lead to substantial price growth in the future. It is expected that surpassing the key resistance level of $3.60 may activate purchases from traders.
Technical Analysis and Targets
XRP_Cro highlights a classic bullish flag structure on the weekly chart. According to his analysis, surpassing the resistance level at $3.60 could lead XRP to $6, $13, and even $23. These projections are based on the height of the flag, which is used to estimate potential price movements.
Market Conditions for Breakout Completion
For the bullish scenario to materialize, traders are watching for a weekly close above $3.60, accompanied by rising volume and strong momentum indicators such as the Relative Strength Index (RSI) and MACD. Without these confirmations, the current situation may remain theoretical.
Overall Context and Caution
The fundamental backdrop surrounding XRP is relatively stable, as the long-awaited Ripple vs. SEC case has concluded. However, the overall cryptocurrency market and macroeconomic conditions may still influence the possibility of reaching high prices. Traders are advised to exercise caution, as even clearly defined patterns can fail.
XRP_Cro's analysis highlights the growing optimism among XRP investors. Nonetheless, until confirmation occurs with a breakout above $3.60, the current position serves only as a potential setup for growth, requiring patience from market participants.
