Crypto market analyst, who goes by the pseudonym StephenCrypto, stated that XRP was repeating history. In his findings, XRP was trading inside a symmetrical pattern back in 2017, and after the breakout, the prices shot up drastically. Since XRP emits the same pattern and has just broken out, the analyst expects the prices to further appreciate.
On the weekly chart, Ripple’s token XRP is on a roller coaster ride. The XRP market crashed until Aug 3, and the price started recovering only after reaching $2.75 from as high as $3.1. At press time, XRP is trading at $2.95 after losing almost 4% in the last 7 days. The token was rejected multiple times at $3.08 resistance level. After being rejected several times, the bears seem to have taken over the weekly chart, as XRP makes lower lows and lower highs.
On the 4-hour chart, XRP is consolidating inside a well-defined bull flag pattern, repeatedly bouncing between its upper and lower trendlines. After facing rejection at the upper boundary, the token is expected to continue its zigzag movement toward the lower trendline, further shaping the structure of the flag. This phase of consolidation typically represents a pause before the next major move, allowing the market to gather momentum.
Once the flag is fully formed, a breakout to the upside is anticipated, potentially propelling XRP beyond the $4.5 level. Theoretically, breakouts from bull flags tend to mirror the height of the preceding flagpole, which means XRP could see substantial gains if the pattern plays out as expected. Additional confirmation from rising trading volume and supportive broader market sentiment would strengthen the likelihood of a sustained rally.
