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With the lingering regulatory uncertainty around Ripple and the Securities and Exchange Commission (SEC), the value of $XRP has been subject to speculation over its next course.
Notably, market participants are watching the asset, considering it has mainly been in a consolidated phase amid the ongoing market rally.
In this line, prominent crypto analyst FieryTrading, on December 2 in a TradingView post, presented a bullish outlook for $XRP, suggesting that the digital asset may target an impressive $25.
FieryTrading noted that $XRP has been trading within a consolidating pattern characterized by higher lows and lower highs, ultimately forming a triangle pattern. The analyst classified this pattern as a bull flag, given its emergence directly after the remarkable 7,000x surge in 2017.
In this regard, a bull flag is a continuation chart pattern characterized by two parallel trendlines that move in the opposite direction of the dominant trend observed on a longer time frame chart. In this case, the bull flag emerged directly after a significant surge in $XRP’s price in 2017.
According to the analysis, this extensive pattern is anticipated to experience a breakout next year, with the most likely outcome being a bullish move, especially considering the halving event on the horizon.
“This huge pattern will explode at some point in 2024, with the most likely move being a bullish one with the halving in mind,” he said.
The potential of $XRP hitting $25
The cryptocurrency analyst expressed confidence in the potential of $XRP’s breakout, drawing parallels with the performance of other cryptocurrencies in previous cycles. He highlighted the example of Cardano ($ADA), another altcoin that made a top 6x higher than its last cycle.
Drawing inspiration from such occurrences, the analyst set an ambitious target for $XRP’s breakout at $25. The expert acknowledged that the $25 target might seem lofty but emphasized its rationale, comparing it to historical trends in the crypto market.
“ It might be too high, but $ADA also made a top 6x higher than the previous one last cycle, so why not? With a relatively tight stop and a far target, we’re able to create a signal with a risk-reward of almost 80, a potential game changer for anyone’s portfolio,” he added.
At the same, the potential breakout of $XRP is also echoed by Egrag Crypto, an analyst who, in a prior post on X (formerly Twitter), highlighted that $XRP exhibits the potential for a significant rally of 2,500%, referencing past price movements.
Considering all factors, the $1 mark remains $XRP’s top target, as the community believes it will usher in the next record high.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.