TLDR
Weekly bull flag pattern emerges on XRP price chart, similar to pattern seen at $0.70
Analyst Dark Defender projects potential $11 price target for early 2025
Three consecutive bull pennants formed on 4-hour chart
Conservative price target set at $8.40, with optimistic projection of $48.12
Current trading price around $2.18, showing consolidation after 281% rally
Technical analysis of XRP’s price movement reveals emerging patterns that suggest potential upward momentum for the digital asset. Market watchers have identified a weekly bull flag pattern on XRP’s chart, drawing parallels to similar formations that preceded previous price increases.
Crypto analyst Dark Defender recently shared findings about a weekly bull flag appearing on XRP’s price chart. This pattern mirrors a similar formation observed when XRP traded at $0.70, which preceded a rally to $1.88. The analyst suggests this new pattern could indicate further upward movement.
#XRP had a weekly Bull Flag daily at $0.70, targetting $1.88.
And now it is on the Weekly.
There will be some sideways for sure. But I expect the ultimate targets will stay the same. (NFA)
Templars, Defenders, and Legionnaires have more profound details while walking the path.… pic.twitter.com/VMeZBTb1jP
— Dark Defender (@DefendDark) December 9, 2024
The technical formation has led Dark Defender to project a potential price target of $11 for XRP. According to the analysis, this target could be reached between January and March 2025. The prediction includes an acknowledgment of expected sideways price movement in the interim.
Looking at recent price activity, XRP experienced a strong upward movement last month, recording a 281% increase. However, the price has entered a consolidation phase in the current month, as traders await the next directional move.
During this consolidation period, Dark Defender has identified key support levels at $2.13 and $2.27. These price points are considered important areas to watch as XRP continues its ranging pattern. The analyst also outlined potential targets of $3.90 and $5.50 for the next upward movement.
Adding to the technical analysis, crypto analyst Ali Martinez has provided additional price projections for XRP. Martinez describes $48.12 as an “optimistic” target, while setting a more conservative estimate at $8.40. These predictions follow XRP’s breakout from what Martinez identifies as a multi-year symmetrical triangle pattern.
Martinez’s analysis also reveals the formation of three consecutive bull pennants on XRP’s 4-hour chart. Based on these patterns, the analyst suggests traders might benefit from potential buying opportunities if the price retests the $2.25 level, with a subsequent target of $4.40.
XRP Price on CoinGecko
The $4.40 price target holds particular importance as it would represent a new all-time high for XRP if reached. This level would mark a clear break from previous price records and establish new territory for the digital asset.
Current market data shows XRP trading at approximately $2.18, representing an 11% decrease over the past 24 hours. This price movement aligns with the consolidation phase mentioned in the analysts’ reports.
Trading volume has shown varying patterns during this consolidation period, as market participants adjust their positions in response to the technical formations. The volume metrics provide additional context for the price action observed on the charts.
Price support and resistance levels continue to play crucial roles in XRP’s trading activity. These technical levels help traders identify potential entry and exit points as the market develops.
The appearance of the weekly bull flag has drawn attention from various market participants. This pattern typically forms during upward price trends and can indicate potential continuation of the previous movement.
Chart analysis reveals multiple technical indicators aligning with the bullish pattern identification. These include price action characteristics and volume profiles that traders use to inform their market decisions.
Recent trading sessions have demonstrated increased market interest in XRP’s price action. This attention comes as traders evaluate the various technical patterns and price projections shared by analysts.
The current price level represents a point of interest for market participants watching for confirmation of the identified patterns. Trading activity at these levels may provide insights into the strength of the technical formations.
The post XRP Price Forms Bullish Pattern: Analysts Map Path from $2.18 to Double Digits appeared first on Blockonomi.
