XRP’s Bullish Outlook: Abs Highlights Potential Bull Run Following Unique Flag Formation
In a recent post on X, Abs, a prominent market commentator and member of the 3T Warrior Academy Research team, has shed light on XRP’s potential for a substantial bull run. Citing XRP’s price movements on the monthly timeframe, Abs pointed to a distinctive flag formation that could indicate a significant upward trend.
📈 Is $XRP Forming The Largest Bull Flag In Crypto History?💥 — THE DATA IS IN !!🧠 $XRP has been trading Below All Time High ($3.84) for 2,165 days & counting!⏳ Many believe this is due to SEC labeling XRP as an "unregistered security" in Dec '20.
🇺🇸 BACKGROUND 🔍 The SEC's… pic.twitter.com/5OcGZ7MTMM
— Good Morning Crypto (@AbsGMCrypto) December 13, 2023
The analysis delves into XRP’s historical performance, highlighting its impressive surge during the 2017 bull market. XRP achieved an extraordinary all-time high of $3.84 in January 2018, marking a staggering 127,900% increase from its value in January 2017.
Post-ATH Challenges
Following its peak in 2018, XRP faced a prolonged period of correction and retracement, partly attributed to the SEC lawsuit that emerged in December 2020. Despite efforts to recover from the decline, XRP struggled to reclaim its all-time high due to sustained selling pressure and multiple delistings.
Formation of Bull Flag
Abs draws attention to the formation of a bull flag on the monthly chart, with the measured move during the 2017 rally serving as the flagpole. The subsequent price action from 2018 to the present constitutes the flag. Notably, Abs suggests that this flag is the largest formed by any crypto asset, positioning XRP uniquely in the market.
Legal Clarity and Breakout Anticipation
With recent legal clarity surrounding XRP, Abs anticipates a potential breakout as the cryptocurrency approaches the peak of the flag. The resolution of regulatory uncertainties coupled with the flag formation could pave the way for a significant price run.
Price Scenarios and Community Sentiment
Abs refrain from making specific price projections but presents four possible scenarios for the audience to consider: less than $3.84, $3.85 to $8.80, $8.81 to $22.34, and higher than $22.35. Interestingly, a majority of respondents, approximately 36%, express optimism that XRP will surge beyond $22.35.
Read Also: Shiba Inu Faces Potential Correction as Bitcoin Rebounds Amid Inflation Concerns
Short-Term Struggles
In the short term, XRP is grappling to maintain the $0.60 price support. The current market price stands at $0.6045, reflecting a 2.36% decrease over the last 24 hours. Additionally, XRP has seen a 13.36% drop in 24-hour trade volume, now totalling $1,469,118,519.
As the crypto community eagerly watches XRP’s developments, the anticipation of a potential breakout and the community’s diverse sentiment add an extra layer of intrigue to the cryptocurrency’s trajectory in the coming weeks. Investors and enthusiasts alike are closely monitoring these factors to gauge the next chapter in XRP’s market journey.
Follow us on Twitter, Facebook, Telegram, and Google News.
Cryptolifedigital is a cryptocurrency blogger and analyst known for providing insightful analysis and commentary on the ever-changing digital currency landscape. With a keen eye for market trends and a deep understanding of blockchain technology, Cryptolifedigital helps readers navigate the complexities of the crypto world, making informed investment decisions. Whether you’re a seasoned investor or just starting out, Cryptolifedigital’s analysis offers valuable insights into the world of cryptocurrency.
