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Popular cryptocurrency $XRP rarely leaves traders and crypto enthusiasts without news. As one of the largest cryptocurrencies by market cap, with a massive turnover of over a billion dollars a day, $XRP is always in the spotlight.
This time, it was the appearance of a huge bull flag on the daily chart of the $XRP price that drew attention. After surging more than 50% in mid-July, driven by rumors of an SEC v. Ripple settlement, the price of $XRP found its local high at $0.6378.
After no settlement was reached, market attention and hype began to wane, resulting in a 13.92% one-day drop. As a result, the price of $XRP bottomed out at around $0.57. These two price levels initially marked the beginning of the printing of a bull flag.
What's next for $XRP?
The bull flag, or what it may be on the $XRP price chart, is a bullish pattern that looks like a flag on a flagpole, with the latter being a sharp upward movement followed by a brief period of consolidation, where the price moves sideways or slightly downward. Once the price breaks out of the flag, this is considered a bullish signal, indicating that the price is likely to resume its upward trend.
This is what market participants can observe on the $XRP price chart. If the pattern is further confirmed and the price of the token does indeed break out, we may see another 22% rally, which can take it to the $0.70 zone.
However, these are just projections, and one must remember that what will happen next with $XRP, whether it is a bull flag or not, is completely unknown until it happens.