The XRP price, despite struggling over the last few years due to the lawsuit between Ripple and the United States Securities and Exchange Commission (SEC), continues to enjoy a lot of support from the community. This has materialized in the form of countless bullish predictions that the altcoin will rally and regain its lost glory. The latest of these comes from the 3T Warrior Trading Academy account on X, predicting double-digit values for the altcoin.
In the post on the X (formerly Twitter) platform, the analysis points out a notable formation on the XRP price chart. This triangle formation which began in 2017 seems to point to a bull flag. However, this is not just any bull flag as the analyst believes that this could potentially be the largest bull flag in crypto history, likely attributed to how long the formation has been building.
They point out that this is not the first time that the XRP price could be looking at a large jump. For example, back in 2017, the altcoin’s price managed a 60,000% increase, going from $0.006 to as high as $3.84 at the top. While a jump as large as this may not be feasible due to its current large cap, the analyst believes that the XRP price could still pose a notable rally.
Back then, the formation ha taken around 240 days for the XRP price to complete its rally. However, in the 2021 bull market, the altcoin failed to do something similar due to Ripple’s SEC with the SEC, causing its price to derail. Due to this, the altcoin’s price has been consolidating and trading below its all-time high price for over 2,400 days. Hence, why the formation has taken so long.
The Fibonacci extension is brought into the conversation as a reason that the altcoin could do this. According to the analyst, if the Fibonacci extension reaches 4.236, then the XRP price could reach $16. If this happens, it would mean a 2,566% increase from its current level around $0.6.
While the formation on the XRP price chart does show promise, there are other factors that could drive the altcoin’s price to new highs. The Ripple vs. SEC lawsuit is fast drawing to an end, with the court ordering Ripple to pay $125 million to the SEC. The regulator has since appealed this decision and the market awaits the outcome.
Ripple CEO Brad Garlinghouse has also said that he expects the lawsuit to end sometime this year. If this happens, it could give the XRP price the needed push to surge without the weight of securities allegations from the regulatory watchdog holding it down.
Featured image created with Dall.E, chart from Tradingview.com
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