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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.