The price of XRP, despite struggling over the past few years due to the lawsuit between Ripple and the U.S. Securities and Exchange Commission (SEC), still enjoys a lot of support from the community. This has materialized in the form of countless bullish predictions that the altcoin will strengthen and regained its lost glory. The latest one comes from 3T Warrior Trading Academy’s account on X, predicting double-digit values for the altcoin.
The Biggest Bull Flag in Cryptocurrency History
IN fasting on the X platform (formerly Twitter) the analysis indicates a significant formation on XRP price chart. This triangle formation, which began in 2017, appears to be pointing to a bull flag. However, it is not just any bull flag, as the analyst believes that it could potentially be the largest bull flag in cryptocurrency history, likely due to how long the formation has been building.
They emphasize that this is not the first time that XRP’s price could see a gigantic jump. For example, in 2017, the altcoin’s price increased by 60,000%, from $0.006 to $3.84 at its peak. While such a gigantic jump may not be feasible due to its current enormous capitalization, the analyst believes that XRP’s price could still make a significant rally.
At that time, it took approximately 240 days to form the team. XRP price ends its rally. However, in the 2021 bull market, the altcoin did not do something similar due to Ripple’s SEC derailment, which derailed its price. Due to this, the altcoin’s price consolidated and traded below its all-time high price for over 2,400 days. Hence, the long duration of the formation.
Fibonacci expansion is brought into the conversation as a reason why altcoin could do that. According to the analyst, if the Fibonacci extension reaches 4.236, then XRP price could reach $16. If that happens, it would represent a 2,566% augment from its current level of around $0.6.
Another reason why the price of XRP may augment
While the pattern on the XRP price chart is promising, there are other factors that could drive the altcoin’s price to modern highs. The Ripple vs. SEC lawsuit is quickly coming to an end, with the court ordering Ripple to pay $125 million to the SEC. The regulator has appealed the decision, and the market is waiting for the outcome.
Ripple CEO Brad Garlinghouse also said he expects the lawsuit to be resolved this year. If that happens, it could give the price of XRP a much-needed boost without the burden of securities allegations from a regulatory body holding it back.
Featured image created with Dall.E, chart from Tradingview.com
