Analyst XRPunkie on platform X points out a potential breakout scenario for XRP, indicating the formation of a bull flag on the weekly chart.
Potential Breakout from Chart Structure
According to the analyst, the digital asset is forming a clear bull flag structure, suggesting a strong move once the current consolidation phase is complete. At the time of his analysis, XRP traded at $2.1932.
Bull Flag Pattern and Its Significance
The weekly chart shows a sustained uptrend from late 2024, when former SEC Chair Gary Gensler announced his resignation. The pattern forms higher lows and lower highs, indicating a typical bull flag often used in technical analysis as a continuation signal.
Expectations and Price Targets for XRP
XRPunkie points to two key Fibonacci extension levels as breakout targets. The 1.618 level aligns with approximately $6.45, while the 2.0 extension reaches $13.42. The analyst anticipates XRP could rise toward $13-$14 if the pattern resolves upward.
The analyst warns of possible pullbacks along the way to targets, suggesting a range of $1.80-$2.00 for a near-term decline, which corresponds with the lower boundary of the flag where buyers may enter.
