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Data reveals that XRP has created what may be the biggest bull flag in cryptocurrency history despite continuing to trade below its all-time high of $3.84 set in January 2018.
In a recent post on X, Abs, a well-known market analyst and team member of 3T Warrior Academy Research, revealed this.
He pointed to the monthly price fluctuations of XRP and said that the flag formation might signal the start of a significant bull run.
Notably, the allegation is supported by data from the one-month chart. Remember that in January 2018, XRP reached an astounding all-time high of $3.84 thanks to the bull market of 2018.
This was an incredible rise of 127,900% from the $0.0030 value in January 2017.
However, the digital asset began to record a decline after hitting the $3.84 peak in January 2018. The bearish intended to cause XRP to retrace, giving up all of the gains made throughout 2017, which was one of its best years ever.
Although it lost most of these gains, XRP continued to trade above where it was prior to the 2017 surge.
Every attempt to get the lost values back and get the ATH back has failed. Abs noted that a number of market watchers blamed the SEC action for XRP’s failure to recover the $3.84 ATH.
The charges from the US SEC surfaced in December 2020. XRP failed to capitalize on the 2021 bull run and reach the $3.84 ATH despite numerous delistings and persistent selling pressure.
The asset encountered resistance and only reached a high of $1.966 in April 2021. Due to the litigation, XRP is in a special situation.
However, XRP’s actions since falling from its peak of $3.84 in January 2018 have led to the creation of a bull flag on the monthly chart.
The flagpole was formed by the measured motion during the 2017 rally, and the flag has been formed by the price action from 2018 until now.
Abs claims that because of its length, this flag is the biggest bull flag ever created by a cryptocurrency asset.
According to his chart, XRP is currently moving near the flag’s top and may shortly stage a breakout.
Notably, XRP’s current legal clarity combined with a breakout like this might cause a huge price run.
Abs offered his audience the option to select from four price scenarios: less than $3.84, $3.85 to $8.80, $8.81 to $22.34, and more than $22.35.
Abs did not provide any price forecasts. Surprisingly, the majority of respondents (about 36%) think XRP will rise over $22.35.
In the short run, XRP is still having difficulty holding onto the $0.60 price support. The price of the cryptocurrency is currently $0.6045, down 2.36% from the previous day.
Additionally, XRP’s 24-hour trade volume dropped by 13.36% to $1,469,118,519.
Disclaimer: The information provided in this article is for informational purposes only and should not be considered financial or investment advice. Always conduct your research before making any financial decisions.
