An analyst recently discussed the current state of XRP’s price, explaining some key developments that could signal a major breakout. Despite years of waiting and the impact of a lawsuit that began in 2020, XRP is showing promising signs, particularly with a bull flag pattern that could push it to new all-time highs.
Analyst Zach Humphries said that in 2021, XRP saw a major price surge to $2, but the lawsuit kept the price from reaching its full potential. Now, with a bull flag forming on the charts, XRP could potentially reach $3.84 or even higher. The target of $7.50 is also in play if crucial levels are broken.
XRP has been trading below its all-time high of $3.84 for over 2,400 days, and the ongoing lawsuit has certainly played a role in keeping the price down. However, the analyst believes that without the lawsuit, XRP would have already reached a new all-time high in 2021.
Will The Bull Flag Emerge Successful?
This bull flag, supported by a strong uptrend followed by a consolidation period, is a reliable technical indicator of future price movements. The last time XRP formed a similar pattern, it surged by 60,000%. While a repeat of such a massive increase is unlikely due to the current market cap, a 10 to 15 times increase is still plausible.
The 4.236 Fibonacci extension suggests a potential target of $16 for XRP in this cycle, though the analyst remains realistic about these projections. Reaching a $16 price point would mean a 25x increase from current levels, bringing XRP’s market cap close to $900 billion. However, even a more conservative target of $5 to $7 is seen as feasible, representing a 10x increase.
