Technical analysis for XRP is predicting a price target of $11 to $15 for XRP as we see the signs of a possible bullish continuation.
CryptoBull2020 has spotted XRP’s weekly chart showed a formation of a possible bull flag, which is a continuation pattern in the technical analysis.
The pattern consists of a sharp upward move (the flagpole) followed by a period of consolidation in a parallel or slightly downward-sloping channel (the flag).
The measured move for this setup is the height of the flagpole plus the distance between the breakout point and that projected upward.
If the flag for XRP breaks out with volume and can pull it through, it could see the $11-$15 range in the next impulsive move.
XRP, at the time of writing, was trading at $2.41 carving out gains of 5.09 percent in the last 24 hours and 2.25 percent in the past week.
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Market cap of the cryptocurrency is $137.55 billion and circulating supply of 57,000,000,000 XRP.
Pennant Formation Suggests XRP Price Move to $4
Pennant pattern observed on XRP’s chart also adds some strength to another potential bullish signal.
According to market analyst CoinsKid, XRP is now consolidating inside of a small symmetrical triangle, which frequently follows big price moves.
This pattern could break out to potentially cause a 70% price increase, pushing XRP to about $4.
Continuation patterns are pennants, which are consolidation patterns following a first move, then price resumes in the same direction.
Speaking with CoinsKid, he said ‘There is a move coming here for XRP’, and it’ll continue to be volatile.
Increase in Wallet Holders Bolsters Positive Sentiment
XRP holders on chain analytics spiked one percent, 58,000 wallets added in a few days and we are interpreting the telltale signs.
This growth signifies greater confidence of the asset’s long term possibility.
In the early days of the year, analytics platform Santiment reported XRP transactions surged by over $7 billion, fuelling further optimism from its community.
Moreover, the XRP market cap grew by 18% during the first three days of January, also surpassing a number of other leading altcoins.
From November 1 to December 2, 2024, XRP marched back up during a 455% surge on the heels of more and more wallet numbers and activity.
This means a stronger community and more people interested in crypto.
Neutral Trends in Market Outlook
Is market sentiment dim, but technical indicators and on chain metrics are bullish.
XRP has been more or less stable when compared to other altcoins, with small oscillations in the price over the past week.
XRP is nearing key chart patterns that could make or break its next move, but analysts are watching key resistance and support levels.
