Cryptocurrency analyst Luke pointed out XRP bull flag breakoutwhich could push the altcoin price to $11, which would mark a fresh all-time high (ATH). This comes as the altcoin faces further declines amid the US-Iran war, which threatens to drag on for a long time.

XRP Eyes Rides to $11 Amid Bull Flag Breakout

In Post XLuke stated that a bull flag breakout is forming on the XRP weekly chart and the target is $11. The analyst noted that this is a textbook bull flag 8-month consolidation. The movement measured at the pole height indicates an escalate to exactly $11, while the altcoin could reach $11.20 based on the Fib extension at 1.618.

Some XRP Rally to $11 from the current price, an escalate of almost 700%. Łukasz pointed out that such a rally is possible with the accumulation of institutions, a development is coming that shows a “parabolic leg”. However, it is worth noting that XRP ETFs have seen daily net outflows over the past two days as tensions between the US and Iran escalate.

SoSoValue data shows that the funds recorded outflows on March 5 and 6 of $6.15 million and $16.62 million, respectively. As a result, the net assets of the above-mentioned XRP ETFs fell below $1 billion. Altcoin, like the broader cryptocurrency market, is currently facing downward pressure, with tensions between the U.S. and Iran sending oil prices to multi-year highs.

Cryptocurrency analyst CasiTrades predicted that XRP could fall as low as $0.87 as it remains below the $1.67 resistance level. Cryptocurrency analyst Egrag Crypto also stated that XRP could fall as low as $0.85 after a rejection at $1.55.

Insight into current price action

In Post Xcryptocurrency analyst JB stated that all previous wicks, including the one on October 10, were filled in the demand zone. The analyst opined that there is not much additional fuel left on the downside if XRP continues to trade on higher time frames (HTF) bullish environment. JB also mentioned that the first attempt to reclaim $1.61 failed, so a retest of the $1.25 and $1 levels is being considered again.

For annulment this bearish structureXRP needs to recover to $1.61 and break diagonal resistance. JB noted that this would significantly escalate the chances of a resumption of the broader uptrend after about 15 months of correction. “The current area offers one of the strongest R:R setups for long spot HTF positions, with invalidation below the gray demand zone,” the analyst added.

At the time of writing, XRP is trading around $1.36, down more than 2% in the last 24 hours, according to data from CoinMarketCap.

Featured image from Freepik, chart from Tradingview.com