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Bitcoin analyst “Flash” declared that XRP time has come, disclosing an audacious target of $587 requiring a nearly 100X surge.
Flash voiced this sentiment in a recent post on X. The commentary was accompanied by an XRP chart on the weekly timeframe, spanning its candlestick pattern since its 2021 bull rally.
Considering that XRP traded at the peak of $1.96 in 2021, its current low prices below a dollar have formed a symmetrical triangle configuration with the peak value.
Flash’s chart depicted that XRP is now breaking out of the downtrend, closing with bigger green weekly candles. XRP has closed two big green weekly candles and is currently forming the third one.
For context, in the first week of this month, XRP tanked below $0.4, reaching one of its lowest levels in nearly two years. By the end of the second week, XRP has recaptured the $0.5 threshold after a 20% rally, closing July 13 at $0.5263.
XRP sustained the momentum, reaching a three-month high above $0.63 before July 20. Notably, XRP ended the week at approximately $0.6. Presently, XRP continues to defend the $0.6 threshold, trading above $0.61.
XRP’s bullish performance for these two consecutive weeks has been a notable highlight among market watchers. As The Crypto Basic reported yesterday, a technical analyst stressed the significance of the two weekly green candles, citing historical data suggesting a likely further upward movement of 800%.
XRP Time Has Come: $587 Target?
Now, Bitcoin analyst Flash exclaimed, “XRP time has come,” based on the chart observation. This suggests that XRP may begin to drive the wave of sensation in the crypto market.
#Ripple $Xrp
Time has come! 🚀 pic.twitter.com/jBjBwiricq
— FLASH (@THEFLASHTRADING) July 24, 2024
Flash’s bullish sentiment has attracted significant attention among crypto market participants, with many asking him for his target for the asset upon a full breakout. To one of the repeated inquiries, he disclosed $587.
$587
— FLASH (@THEFLASHTRADING) July 24, 2024
This bold outlook has surprised many, especially considering that a $587 value demands nearly 100,000% price growth, which many consider far-fetched.
“Scared” XRP Might Actually Run This Time
Meanwhile, in a related discussion, analyst Alex Cobb shared that he is experiencing genuine anxiety that this cycle could finally be when XRP breaks its jinx. Cobb’s sentiment follows a similar bullish observation from another analyst, who believes that XRP is poised to reach a new all-time high, surpassing its 2018 peak.
I’m genuinely getting anxiety this might be the run for #XRP pic.twitter.com/N3rqI7rGDq
— Cobb (@AlexCobb_) July 24, 2024
While long-term XRP holders missed the 2021 bull run, proponents remain hopeful for a turnaround this cycle, as favorable developments are aligning simultaneously.