The post XRP ‘off to the races’ to hit $4, according to crypto analyst appeared on BitcoinEthereumNews.com.

XRP’s price has been building significant momentum, currently trading at $2.66 after a daily gain of 11.75% and a weekly surge of 18.72%.  Recent price action, coupled with technical indicators and whale accumulation, points to a potential breakout that could send XRP soaring to the $4 level in the near term. XRP 1-day price. Source: Finbold XRP technical analysis On December 17, prominent on-chain analyst Ali Martinez highlighted XRP’s bullish formation, stating:  “XRP has been consolidating in this bull flag for a while, but once it clears the $2.60 resistance, I think it’s off to the races, heading toward $4!”  XRP bull flag. Source: Ali Martinez This observation follows his earlier analysis on December 12, where Martinez noted that XRP was forming a textbook bull flag pattern on the 4-hour chart. A bull flag is a continuation pattern characterized by a sharp rally (the “flagpole”) followed by a period of consolidation within a downward-sloping channel (the “flag”). A breakout above the upper trendline of the flag confirms the pattern and typically leads to a move equivalent to the length of the initial rally.  In XRP’s case, the flagpole extends from $1.92 to $2.60, suggesting a potential breakout target of around $3.28 to $3.50 in the short term, with a longer-term target of $4. XRP’s price action has been defined by several critical levels that traders are closely monitoring. Immediate support sits at $2.23, a level that has consistently provided a strong foundation during pullbacks, reinforcing bullish sentiment.  Immediate resistance stands at $2.60, which forms the upper boundary of the bull flag pattern. A confirmed breakout above this level would likely trigger the next leg of XRP’s rally. Beyond this, $3 represents a significant psychological barrier.  Clearing this level could pave the way for a move toward the all-time high (ATH).…

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Filed under: News - @ December 17, 2024 11:24 am