Tuesday, February 20, 2024
HomeCryptocurrencyXRP Flag Pattern and Other Signals Fuel Momentum For Higher Prices: Details

XRP Flag Pattern and Other Signals Fuel Momentum For Higher Prices: Details

XRP’s emergence from a multi-week bullish flag pattern could reinvigorate bullish sentiment among investors. In addition, prominent crypto analyst EGRAG CRYPTO (@egragcrypto) predicted a remarkable rally to $27. This bullish outlook is supported by the flag pattern’s breakout potential, favorable technical indicators, and sustained whale accumulation.

Since XRP’s surge in early November, the digital asset’s price has been on the decline. However, it has successfully formed a bullish flag pattern, with the current decline considered a pause in the uptrend before a renewed surge. This pattern typically precedes a breakout, which, if successful, could mark the beginning of a significant surge.

A Break from the Bullish Flag

On November 26th, XRP attempted to break out of the flag, surging to $0.6375. This initial breakout attempt suggested the flag’s imminent breakdown. However, XRP faced resistance and retreated within the pattern, indicating a need to retest the support levels before a decisive breakout.

Another more recent attempt to break out met a similar fate, further reinforcing the notion of a retest. This retest process is crucial to confirm the strength of the support levels and pave the way for a robust breakout.

More Bullish Signals

Supporting the bullish outlook are favorable technical indicators. The Relative Strength Index (RSI) currently sits at 47.20, signaling reduced selling pressure and the potential for a stable market. The Commodity Channel Index (CCI) at -78.14 paints an even more optimistic picture, suggesting that XRP is oversold and poised for a rebound.

XRP’s recent whale accumulation adds further credence to the bullish narrative. Whales are considered major market movers, and their accumulation often signals a positive sentiment toward the asset.

Whale accumulation often drives smaller investors toward a cryptocurrency in hopes of a breakout, and XRP could be on the cusp of one.

Finally, EGRAG CRYPTO has reiterated his bullish conviction, maintaining his $27 price target for XRP. XRP is trading at $0.6078, down 0.14% in 24 hours, and a surge to $27 will mean a 4,342% increase.

XRP Flag Pattern and Other Signals Fuel Bullish Momentum with $27 Target

EGRAG CRYPTO has outlined $1.3, $3, and $5.8 as milestones on XRP’s journey towards this target while cautioning that $6 to $7 could act as a resistance zone for XRP’s surge. In the near term, the analyst projects a temporary dip to $0.55. However, a rally to $0.75 and $1.3 will follow.

Follow us on Twitter, Facebook, Telegram, and Google News

Tobi Loba
Tobi Loba
Tobi Loba is a passionate writer with a vast interest in the stock market. She joined the crypto ecosystem about three years ago and has written lots of ebooks and articles in relation to cryptocurrency and blockchain projects. Tobi Loba earned her degree at the University of Ibadan.

Latest News & Articles