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- Despite a slight recent dip, XRP has gained over 7% in the past week, indicating underlying market strength.
- Crypto analyst has identified a significant multi-year bull flag pattern, suggesting potential for a substantial price rally.
- Data indicates consistent accumulation of XRP by larger investors, supporting a positive future price outlook.
XRP is currently trading at $2.43, down 1.08% in the last 24 hours. However, the cryptocurrency has shown significant strength over the past week, surging by more than 7%.
Briefly holding the third position in the cryptocurrency market, XRP is now ranked fourth with a market capitalization of $141.7 billion, according to CoinMarketCap data.
Is Investor Interest in XRP on the Rise?
The latest Weekly Crypto Asset Flow report from CoinShares reveals that XRP saw net inflows of $6.7 million for the week ending March 21st.
This positive flow into XRP investment products contrasts with the overall crypto market, which experienced net outflows of $548.8 million during the same period, suggesting increasing interest in XRP, potentially driven by ETF speculation.
What Does a Bull Flag Pattern Suggest for XRP’s Price?
Crypto analyst “Steph is Crypto” shared a chart highlighting a potentially very bullish future for XRP. The analysis points to a breakout from a multi-year bull flag pattern—a well-regarded technical indicator that often precedes significant price increases.
In a tweet accompanying the chart, the analyst strongly implied a very high price target, stating:
“I don’t even want to give you this #XRP price target You’re definitely not bullish enough..”
In technical analysis, a bull flag pattern develops after a sharp initial price increase (the flagpole), followed by a period of consolidation where the price trades within a downward-sloping or sideways channel (the flag). A breakout above the upper trendline of the flag is typically interpreted as a signal that the prior uptrend will resume.
Based on the height of the initial flagpole, the analyst projected a price target of $1,452.81 for XRP, a figure so high it prompted the reaction, ‘You’re definitely not bullish enough…
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What Does Short-Term Price Action Suggest for XRP?
Analysis of the Bollinger Bands (BB) on XRP’s daily chart shows the price consolidating between $2.07 and $2.60. The current price near the mid-band suggests neutral momentum in the immediate term.
A decisive move above $2.60 could signal a continuation of the broader uptrend, while a drop below $2.07 might indicate short-term bearish pressure.
Related: XRP Price Alert March 26th: Can Bulls Push Past $2.60 After Support Test?
The Accumulation/Distribution (A/D) line for XRP currently stands at 73.89 billion, showing a consistent trend of accumulation. This metric indicates that larger investors and institutions are continuously buying XRP rather than selling, further supporting the possibility of a significant future price increase.
Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.
