Cryptocurrency analyst Dark Defender revealed that a weekly bullish flag has appeared on the XRP price chart. The analyst further explained why XRP could reach double digits in this market cycle.
Weekly bullish flag appears on the XRP price chart
In an X post, Dark Defender stated that a weekly bullish flag has now appeared on the XRP price chart. He noted that this bullish flag had previously appeared on the daily chart when the XRP price was $0.70, as the cryptocurrency aimed for the price level of $1.88 and eventually rebounded to that level. With this weekly bullish flag, the cryptocurrency analyst predicts that XRP may bounce back to double digits.
His annotated chart shows that after XRP price breaks this bullish flag, it could rise to $11. XRP is expected to hit this price target between early 2025 (January to March). Dark Defender warned market participants that there will definitely be some sideways fluctuations in the price. However, this cryptocurrency analyst expects the ultimate target to remain unchanged.
According to Dark Defender's previous analysis, the $11 target is unlikely to become the market peak for the XRP price, as this cryptocurrency analyst predicts that during this bull market, the cryptocurrency could rise to $18. Currently, XRP continues to consolidate, as he warned the cryptocurrency would do. Last month, the cryptocurrency recorded a parabolic rise with a price increase of 281%.
However, the XRP price has cooled down this month as it consolidates in preparation for the next round of increases. Dark Defender had previously emphasized that $2.13 and $2.27 are key support levels to watch as XRP fluctuates. At the same time, the analyst mentioned that $3.9 and $5.5 are the next targets XRP could reach in the next round of increases.
XRP's 'optimistic' target
In an X post, cryptocurrency analyst Ali Martinez stated that $48.12 is the 'optimistic' target for the XRP price. At the same time, he emphasized that the price level of $8.40 is XRP's conservative target. These predictions came after the cryptocurrency analyst commented that after breaking through a massive symmetrical triangle that had lasted for years, the cryptocurrency appears undervalued, which he highlighted on the chart.
At the same time, in another X article, he revealed that the XRP price formed three consecutive bullish triangles on its 4-hour chart. Based on this, Martinez stated that market participants should hope to retest $2.25 so they can buy the dip, with XRP's target being $4.40 in the next round of increases. A rebound to $4.40 would mark XRP reaching a new all-time high (ATH).
According to CoinMarketCap data, at the time of writing, the XRP price is approximately $2.18, having fallen over 11% in the past 24 hours.
