In a new analysis, cryptocurrency analyst Dark Defender (@DefendDark) highlights an important pattern in the daily XRP/USDT chart that suggests XRP’s price could surge higher. According to his analysis, XRP’s price could be forming a technical pattern known as a “bull flag” after decisively breaking through multi-year resistance at $0.6649, a move that has been further confirmed by closing above this key level for two consecutive days.

Will XRP Price Reach $1.03 This Week?

A "bull flag" pattern occurs when an asset's price rises sharply and then consolidates within a narrow downward sloping range, resembling a flag on a flagpole. This pattern is often considered a continuation pattern, indicating that after a period of consolidation, prices may break out to the upside in the direction of the initial sharp rise. In the context of XRP, the flagpole was formed by the sharp rise in price from $0.52 to a breakout above $0.6649.

XRP Price Analysis, 1-Day Chart

Additionally, Dark Defender noted that the relative strength index (RSI) is currently in overbought territory at 84. An overbought RSI typically indicates that an asset may be temporarily pausing or consolidating due to short-term selling pressure as traders book profits.

This is consistent with what is expected during the consolidation phase of a bull flag pattern. However, in a bull flag pattern, an overbought RSI can also indicate strong underlying momentum, which means that an upside breakout could occur once the consolidation is complete.

Dark Defender highlights the next substantial price target at $1.03, which could be quickly achieved if XRP manages to break through the immediate resistance around $0.7496. Specifically, a touch or a small close above $0.7496 and a possible surge to $0.76 or higher is crucial for this bullish scenario to unfold. If these conditions are met, Dark Defender expects XRP’s price could rebound to $1.03 within the week.

It is worth noting that the analysis is also based on the understanding of Fibonacci levels, which are widely used in cryptocurrency trading to predict potential support and resistance levels based on previous market movements. The $0.6649 level that has been broken could be the 70.20% retracement level from the previous market high to low.

If this level breaks down, the bull flag pattern is likely to extend further downwards. Then, the 61.80% and 50% Fibonacci levels ($0.6044 and $0.5286) can act as support areas from where the XRP price could rise above $1.

The analyst said: "XRP closed above $0.6649 for two days in a row. Now we can say that this Fibonacci level is also dead. There is no more important level than this before $1.03. If we see a touch above $0.7496, say $0.76 or higher, we can quickly expect $1.03 this week. This is not financial advice, but my expectation. Remember, XRP broke through the multi-year (7-year) resistance of $0.6649 in November 2024."

At press time, XRP is trading at $0.7086.