A recent analysis provided by cryptocurrency analyst Dark Defender made a compelling case for the potential for a significant raise in the price of XRP. Through detailed analysis of the XRP/USD chart on a monthly time frame sourced from Binance, Dark Defender highlights a huge bullish pattern that it describes as a “bull flag” on multiple long-term time frames, including monthly, three-month and six-month charts.
XRP Price Accelerates to Explosive Move
The analysis shows a significant initial price raise marked by the green arrow, suggesting a powerful upward trend that started around early 2017 and peaked at the end of that year. The price action following this high is what Dark Defender identifies as a bull flag pattern. This pattern is characterized by a period of consolidation after a acute price movement, resembling a flag on a pole.
Consolidation, indicated by a red descending trendline and a blue ascending trendline, forms a converging pattern called a triangle, which usually suggests that the consolidation period is coming to an end as the lines converge. According to Dark Defender, this suggests that an explosion is imminent.
“I have read some posts that XRP had a bull flag on the daily time frame etc. If these are bull corrective flags then it is also a bull flag. But bullish. This is a one-month, three-month and six-month period. If you know the bull flag, you can drink coffee today. Regards,” he said.
In its forecast, Dark Defender uses the flagpole and Fibonacci extension levels to predict future price points. After an expected break above the red resistance line, the first target is at the 161.80% Fibonacci level, which would take XRP to around $1.88. The next ambitious target is the Fibonacci level of 261.80%, valued at around $5.86.
The most bullish target lies at the Fibonacci level of 361.80% and sees the price rising all the way to around $18.23. It is worth noting that the Dark Defender’s blue line, analogous in length to a flagpole, shows that the price of XRP could rise well above $18.
Different analyses, similar price targets
This analysis continued commented by another prominent XRP community analyst, EGRAG CRYPTO, who pointed out that part of the flag pattern extends beyond half the length of the initial pole, a design detail that can typically invalidate a bull flag designation.
“I have dealt with this analysis before, but lately I have become more and more intrigued by the potential of breaking the symmetrical triangle. What caught my attention was that the flag extends beyond half the length of the pole, invalidating the structure. Regardless of who is right or wrong, I hope to meet each other in the near future and become multi-millionaires. Keep up the fantastic work,” Egrag noted.
Despite this technical caveat, EGRAG CRYPTO still positively assesses the breakout potential of the symmetrical triangle. In recent analysis on the weekly chart, EGRAG stated that XRP will at least explode towards $1.50 if the price breaks through to the top of the triangle. In a broader triangle pattern, EGRAG expects a move to $5.89.
“XRP Army, HOLD ON! “On the cards are a mini pump up to $1.50 and a main pump up to $5.89, with the MAKRO pump possibly going above 2 digits,” he stated. Despite their different approaches, both analysts are therefore very similar in their analyses.
At press time, XRP was trading at $0.5189.
Featured image created with DALL·E, chart from TradingView.com
