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All eyes are currently on the XRP price as analysts indicate a potential surge to $4 if a breakout from a bullish chart pattern is validated.
According to crypto analyst Ali, "XRP appears to have broken out of a bullish flag pattern, which suggests an upswing to $4."
A bullish flag pattern is a continuation pattern in which the price consolidates before resuming its upward trend. This pattern is distinguished by a sharp price increase (the flagpole), followed by a sideways or downward movement (the flag). The breakout from this pattern frequently indicates the continuation of the bullish trend.
Tomiwabold OlajideThe $4 price target is based on the flagpole's measured move, which is added to the breakout point to calculate the predicted upside.
Growing optimism
XRP soared in the previous week, following massive gains in November and December. XRP has risen roughly 560% since early November, with its market capitalization doubling. XRP ranks the third largest cryptocurrency, with a current market capitalization of $180.55 billion.
XRP crossed the $3 mark for the first time since 2018, reaching highs of $3.40 in Thursday's trading session, and is up more than 60% this year as anticipation of a more crypto-friendly SEC improves the outlook for the cryptocurrency. XRP has slightly retreated and trades at $3.16, up 1.63% in the last 24 hours and 24% weekly.
There's growing optimism that XRP ETFs will be approved for trading in the U.S. after a long legal battle between Ripple and the SEC.
On Wednesday, the SEC filed its opening brief in its appeal of a largely favoring Ripple judgment, but with a pro-crypto SEC chair ready to take over, the future of that appeal could be in doubt.
Moving up for XRP, a return above $3.40 might extend the current upward trend to $4. On the other hand, the $2.91 level remains a key level to watch on the downside as a break and close below this level might cause XRP to reach the $2.59 support.
Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.
Alex Dovbnya
Arman Shirinyan
Dan Burgin
Vladislav Sopov