Key Takeaways
- XRP is trading inside a Bull Flag pattern, suggesting a potential continuation of the upward trend.
- $1.90 acts as a key support level and potential buying opportunity.
- A successful breakout could target $6–$10, based on the pattern’s pole height.
- Shorter-term charts reinforce the consolidation trend, signaling momentum buildup.
XRP Eyes Potential $10 Breakout Amid Bull Flag Pattern
XRP investors may have reason for optimism as technical analysis hints at a potential breakout. Analyst Ali Martinez highlighted that XRP has been forming a Bull Flag on the monthly chart—a pattern often signaling a continuation of an upward trend. With XRP trading around $2.53, up 10% in the last 24 hours, market watchers are keen to see if the cryptocurrency could reach $10.
Also Read: How Much XRP You Need to Retire by 2040: Potential Profits and Key Price Targets
What Is a Bull Flag and Why It Matters
A Bull Flag forms after a strong price rally, creating a consolidation channel that resembles a flag on a pole. The initial sharp upward move is the “pole,” while the subsequent sideways or slightly downward movement forms the “flag.” In technical analysis, Bull Flags are continuation patterns, meaning that breakouts typically follow the trend of the preceding rally.
Martinez’s analysis shows XRP moving inside the Bull Flag channel on the 1-month chart, suggesting that the next significant move could be bullish. “If this bull run keeps going, XRP could offer a solid buying opportunity at $1.90 before rallying to $6,” the analyst noted.
Key Support Levels Could Spark the Rally
The $1.90 level is currently a critical support point within the Bull Flag channel. A rebound here could trigger upward momentum, potentially propelling XRP toward the $10 target—a figure derived from the height of the pole in the Bull Flag pattern. Analysts caution, however, that while the pattern provides guidance, market volatility can still influence actual price movement.
Also Read: Bitcoin Nears All-Time High as Ethereum and XRP Hold Key Support Levels
XRP is not only forming a Bull Flag on the monthly chart but also appears to be trading within a similar consolidation pattern on the 3-day chart. This alignment across timeframes may increase the probability of a strong breakout if bullish momentum continues.
Conclusion
While no prediction is guaranteed, XRP’s Bull Flag setup provides a clear roadmap for traders and investors. Those watching the $1.90 support level closely may find strategic buying opportunities as the cryptocurrency positions itself for a potential breakout.
