Forget going to the moon, XRP might be aiming for Mars with the largest bull flag formation ever seen in the cryptocurrency market.
Although the cryptocurrency is still below its all-time high of $3.84 recorded in January 2018, XRP’s performance has quietly built a chart pattern promising a potential bull run of epic proportions. This spectacular formation was highlighted by a pseudonymous analyst Good Morning Crypto (3TGMCrypto) on X.
📈 Is $XRP Forming The Largest Bull Flag In Crypto History?💥 — THE DATA IS IN !!🧠 $XRP has been trading Below All Time High ($3.84) for 2,165 days & counting!⏳ Many believe this is due to SEC labeling XRP as an "unregistered security" in Dec '20.
🇺🇸 BACKGROUND 🔍 The SEC's… pic.twitter.com/5OcGZ7MTMM
— Good Morning Crypto (@3TGMCrypto) December 13, 2023
Read Also: ChatGPT Predicts How High XRP Price Would Rise In 2024
XRP enjoyed a wild ride in 2017, skyrocketing 127,900% from around $0.0030 to a jaw-dropping $3.84 peak in January 2018. Then came the fall. XRP erased almost all the gains from its stellar year as its price plummeted. While it retraced most of the climb, XRP did not drop below pre-2017 prices.
However, it has failed to reclaim its all-time high, a feat many other cryptocurrencies have accomplished since then. Analysts largely blame the ongoing Ripple-SEC lawsuit for this roadblock, as it has significantly hurt XRP’s adoption.
The December 2020 lawsuit from the U.S. Securities and Exchange Commission (SEC) caused XRP to be delisted from major Exchanges in the U.S. It also increased selling pressure and held XRP down during the 2021 bull run.
It maxed out at $1.966 in April 2021 before hitting resistance. This legal battle placed XRP in a unique position, seemingly frozen in time while the rest of the crypto market surged.
However, XRP has been quietly building something big. Its price movements since the 2018 plunge have formed a colossal bull flag on the monthly chart. The 2017 rally serves as the flagpole, while the price movements from 2018 to the present build the flag itself.
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— TimesTabloid (@TimesTabloid1) July 15, 2023
Read Also: Analyst Predicts XRP Price Surge to Match Bitcoin Trend Within 3 Days
Breakout on the Horizon?
This historic flag suggests XRP is now approaching a bullish peak, potentially gearing up for a breakout soon. Such a breakout, combined with recent legal developments favoring XRP, could trigger a massive price surge.
The analyst behind this bull flag report did not give a price target, but a poll he started shows that the majority (36%) believe XRP will skyrocket past $22.35.
Despite the optimistic long-term outlook, XRP has been battling to stay above $0.6. However, the cryptocurrency experienced a 4.58% surge over the last 24 hours and is currently trading at $0.6322.
XRP’s price chart might not be making headlines, but a potentially game-changing pattern is brewing. Bitboy recently shared his opinion that XRP is the standard for the next bull run, and we could see that materialize soon.
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