Abs, a well-known market commentator and member of the 3T Warrior Academy Research team, has provided an interesting analysis of the price movements of Ripple (XRP) on the monthly time frame. presented.
Abs’ remarkable observation is that XRP has formed a bull flag formation on the monthly chart. This pattern is considered a trusted pattern in technical analysis and can often indicate significant price rallies. According to the data that forms the basis of the analysis, XRP’s performance since its peak of $ 3.84 in January 2018 has revealed the formation of a bull flag on the monthly chart.
This bull flag formation, Abs said, shows that the measured movement that occurred during the 2017 rally completed the flagpole, and then the price movement since 2018 completed the flag. Abs considers this situation to be a phenomenon that represents the biggest bull flag in the history of XRP.
According to the analyst, XRP is currently heading towards the top of the flag and may make a breakout soon. Such a breakout, especially when combined with XRP’s recent regulatory clarity, could result in a massive price increase. Legal clarity is an important factor affecting the value of cryptocurrencies, and XRP’s status in this regard can be an important determinant for investors.
Although Abs did not make any price predictions, he shared a poll for his followers with four possible price scenarios and asked what the peak price would be: less than $3.84, between $3.85 and $8.80, and between $8.81 and $22.34. between USD and above USD 22.35. Interestingly, most of the survey respondents (about 34%) believe that XRP will rise above $22.35.
Abs’ analysis may excite many investors and be a ray of hope, but given the volatile nature of the crypto market, it is important to approach such analysis with caution. It is always a wise strategy to conduct in-depth research and carefully evaluate market conditions before investment decisions are made.
Finally, Ripple (XRP) is trading at $0.62 at press time.
You can follow the current price movement here.
Source : the crypto basic