Vectoria Empair Trading
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Bullish
$XRP
XRP Bull Flag Breakout Could Reach $4, Analyst Says
An analyst suggests that XRP could reach $4 if its price breaks out of a bull flag pattern on the 4-hour chart.
XRP Forms a Bull Flag Pattern
Analyst Ali Martinez recently noted that XRP’s 4-hour chart is showing a bull flag pattern. This technical chart pattern looks like a flag on a pole. After a sharp price increase, the price starts to consolidate or move sideways. The initial price surge is the "pole," and the sideways movement is the "flag."
How Bull Flags Work
Bull flags form within parallel trendlines, which show the highs and lows of the price. The upper trendline acts as resistance (pushing the price down), and the lower trendline acts as support (holding the price up). When the price breaks above the upper trendline, it signals that the price could continue rising.
What Could Happen Next
The XRP price recently tested the top of the bull flag pattern and failed a similar attempt two days ago. However, this could be the breakout point. Martinez predicts that XRP might see a small pullback before it breaks through the $0.246 barrier.
Price Target for XRP
The analyst believes that if the price successfully breaks out of the bull flag, it could reach as high as $4, based on the pattern's size. This is because bull flag breakouts can move as much as the initial price surge (the "pole").
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XRP Bull Flag Breakout Could Reach $4, Analyst Says
An analyst suggests that XRP could reach $4 if its price breaks out of a bull flag pattern on the 4-hour chart.
XRP Forms a Bull Flag Pattern
Analyst Ali Martinez recently noted that XRP’s 4-hour chart is showing a bull flag pattern. This technical chart pattern looks like a flag on a pole. After a sharp price increase, the price starts to consolidate or move sideways. The initial price surge is the "pole," and the sideways movement is the "flag."
How Bull Flags Work
Bull flags form within parallel trendlines, which show the highs and lows of the price. The upper trendline acts as resistance (pushing the price down), and the lower trendline acts as support (holding the price up). When the price breaks above the upper trendline, it signals that the price could continue rising.
What Could Happen Next
The XRP price recently tested the top of the bull flag pattern and failed a similar attempt two days ago. However, this could be the breakout point. Martinez predicts that XRP might see a small pullback before it breaks through the $0.246 barrier.
Price Target for XRP
The analyst believes that if the price successfully breaks out of the bull flag, it could reach as high as $4, based on the pattern's size. This is because bull flag breakouts can move as much as the initial price surge (the "pole").
#Write&Earn
Disclaimer: Includes third-party opinions. No financial advice. May include sponsored content. See T&Cs.
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