Analyst Spots XRP Historical Bull Flag, Explains Its Significance On XRP Price Bull Run

Analyst Predicts XRP Major Breakout If Price Can Hit This Level

The XRP potential rally to remarkable price highs seems more imminent than ever following a recent revelation by a renowned crypto expert.

An analyst on X with the pseudonym “Good Morning Crypto” recently made bold claims about XRP’s future price trajectory.

According to the strategist, XRP is on the verge of forming an immense bull flag. He gave reasons and possible explanations for his assertion, which this insight shall reveal.

A Look Into The Shared Price Chart

Looking closely at the shared chart, the XRP bullish flag could be observed as a finding that implies an increased bullish sentiment for the token.

Citing historical trends, the crypto expert noted that XRP has traded below its $3.8 all-time high (ATH) for over 2,000 days. The analyst attributed this to the protracted lawsuit between Ripple and the United States Securities and Exchange Commission (SEC).

The analyst said XRP is getting closer to blissful days in the market as the regulatory dark cloud over it gradually vanishes.

For context, all indications in the legal battle between the SEC and Ripple have been pointing towards an optimistic final ruling for Ripple. It is left to see how events unfold.

Will Bearish History Repeat?

On the contrary, a recent finding revealed a trend in the XRP price pattern, which implied that the token usually closes the year poorly.

According to the report, XRP had only finished three previous years out of ten years on a good note. Should this year replicate a similar pattern, it would be the fifth consecutive time since XRP managed to end 2017 remarkably.

XRP in the Market

At the time of writing, XRP is trading at $0.6191, with a relatively 1% price plummet in the last 24 hours and down about 8% in the past seven days.

The fifth-largest cryptocurrency boasts a market cap of $33,262,955,554, a trading volume of $1,419,638,051, and a fully diluted valuation of $63,435,824,457.

The XRP transient profits shed-off is evident in the 8% decline over the past seven days. It is hoped that XRP will regain momentum before the year runs out, but the possibility of such playing out is very slim.

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Chinedu Agbakwusi

Chinedu Agbakwusi is a medical student at the prestigious Nnamdi Azikiwe University with sound knowledge of the crypto space. I am here to be a reliable plug for well-researched crypto content ranging from crypto news to market analyses and blockchain inventions.