XRP is forming an amazing bullish flag pattern based on the most recent 4-hour chart for the coin. This pattern indicates that a breakout from its current price may be underway. If XRP manages to break out from this key resistance of $0.56, a 35% upswing is very likely to happen. However, a rejection from this critical barrier will pull the crypto back significantly to $0.49.
Photo Credits: Pixabay | Ripple XRP crypto coin physical visualization
As of writing, XRP is trading at $0.54, and the expected spike will effectively bring it over greener pastures and further improve its price once it settles after the upswing.
XRP price is currently experiencing activities inside a bull flag. The 55% surge seen last February 10 to February 13 formed this “flagpole” where the XRP price is currently dancing. The consolidation of its price is what completed the flag shape seen today.
The analysis predicts a 35% upswing if this pattern continues once it breaks the flag’s upper trend line at $0.56. That is why the decisive 4-hour candlestick consolidation past the price hurdle will be necessary to recover the coin and subsequent rekindling of people’s interest in the crypto token. As long as XRP breaks past these barriers, a guaranteed price spike to a $0.72 minimum will be understandable.
While this trend does look bullish, there is still a chance of failing and not breaching the target supply barrier. This will result in a 10% downswing if it happens. The XRP’s price will consolidate at $0.49 to look for support.
This short-term bearish trend is further validated by the 40% decline in Ripple’s developments after the investing bandwagon caused by WallSteetBets ended. Regardless, depending on the number of transactions, positive transactions using the coin will be the key factor in getting past this resistance level. However, if it fails to break this barrier twice, experts think that the coin will settle at $0.40 after the fact.