Despite recent declines and volatility, a cryptocurrency analyst has stated this XRP price is on the verge of breaking the bullish flag formation. According to analyst A successfully breaking this bullish flag could result in a massive 50% augment in the price of XRP, bringing the cryptocurrency closer to the previous record high of $3.84 recorded during the 2021 bull market.

XRP price target is $3.6 after breaking the bull flag

Over the past few weeks, the price of XRP has increased formed a bullish flag patternwhich indicates the potential for further upward movement. According to crypto analyst Captain Faibik common chart on X (formerly Twitter), XRP is preparing to break this bull flag on the daily time frame chart.

The bullish flag is widely recognized as continuation pattern. It arises when the price of a cryptocurrency is in a sideways trend or undergoing a correction and indicates the potential for a powerful upward move.

On the analyst chart, XRP is testing the upper limit of a bullish flag pattern, aimed at getting over it and trigger another price augment. Captain Faibik predicted that if XRP successfully breaks this bullish flag and sustains the price above it, it could trigger an impressive upside of 50.22%.

Currently trading at $2.2, if XRP can augment by up to 50% after breaking the bullish flag, its market price could significantly augment to $3.3. This projected target is just 16.36% away from exceeding XRP’s ATH of $3.84 achieved during the previous 2021 bull market.

Further strengthening his confidence in XRP’s future price trajectoryCaptain Faibik’s latest forecast doubles from previous forecasts from earlier posts X where the analyst predicts massive price increases to $3.66 for XRP.

Elliott is swinging to push XRP above $20

In another post on X, a prominent cryptocurrency analyst identified as “CryptoBull” predicted that the price of XRP could rise above $20 later in the bull cycle. However, the analyst also predicts that the cryptocurrency may reach approx short-term goal to $13 in the next few weeks.

CryptoBull based its sanguine XRP price predictions Elliott impulse waveshighlighting their influence on the historical price movements of the cryptocurrency. The analyst revealed that Elliott impulse waves usually begin after significant cryptocurrency experience price break.

He further explained that in 2017, the five waves of the Elliott Pulse Cycle resulted in prices rising from $0.002 to $3.84, a staggering 70,000% augment. Based on this historical trend, CryptoBull predicts that XRP may witness a similar bull rally. He predicts that five Elliott impulse waves could send the XRP price up 6,000% during the bull cycle, pushing it to a up-to-date ATH of $26.

Featured image created with Dall.E, chart from Tradingview.com