XRP’s price action has recently captured the attention of traders and analysts, as the analyst has reached heights not seen in over five years. With this remarkable performance, the asset is forming bullish patterns on its chart, and JD (@jaydee_757), a prominent crypto analyst, has spotted an important one.
In a post on X, the analyst drew attention to a breakout from a descending flag pattern on the 4-hour chart. The chart shows that XRP is forming a classic bullish flag after a sharp rally from $1.40 to its recent peak of $2.86.
#XRP (4hr) – If full candle closes above, this gives us a higher probability of a breakout! If not, expect bottom trendline to hit!
Macro view, this chart is irrelevant! ATH is coming! Dumb Money who got REKT for 7 years will DENY!🤦♂️😂🤣
Retweet for updates! TA ALL DAY! $XRP… pic.twitter.com/zovN6Ulv2W
— JD 🇵🇭 (@jaydee_757) December 13, 2024
The flag’s breakout point was identified around the $2.40 range, and at the time of JD’s analysis, XRP traded at $2.4298, in the early stages of the breakout.
JD emphasized the significance of a full-bodied candle closing above the upper trendline of the flag. In his post, he noted, “The more full body close above the trendline, the higher the breakout probability.”
Such a confirmation could indicate the resumption of XRP’s upward momentum. In a follow-up post, JD confirmed that XRP closed above the trendline, suggesting a bullish breakout could be underway.
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The Bullish Flag Pattern and Potential Targets
The bullish flag pattern depicted in the chart is a well-known continuation signal. It typically occurs when a steep upward price movement, referred to as the flagpole, is followed by a consolidation phase that trends slightly downward.
When the price decisively breaks above the flag’s resistance, it often signals the start of a new rally with a target price derived by projecting the length of the flagpole from the breakout point.
JD did not provide a specific target in his analysis. However, based on JD’s chart, the implied target for this breakout is well above $3.8. JD noted that a new all-time high is coming, a sentiment shared by other experts.
At press time, XRP had dropped slightly, now trading at $2.93, but many experts still believe it can easily close the 37.8% gap required to reclaim its all-time high of $3.84.
JD also called out dumb money investors who doubt his analysis. The analyst has previously called out these dumb money investors who missed out on the 2017 rally. Expects expects them to miss out on the current one.
Disclaimer: This content is meant to inform and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not represent Times Tabloid’s opinion. Readers are urged to do in-depth research before making any investment decisions. Any action taken by the reader is strictly at their own risk. Times Tabloid is not responsible for any financial losses.
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