The XRP price going to double-digits eventually has been a hard sell in the community given the token’s performance over the years. However, there are still some in the community who believe that the double-digit price point is only a matter of when, not if, for the XRP price.
Crypto Analyst Identifies XRP Bull Flag
Crypto analyst FieryTrading has identified an XRP bull flag that could signal the return of a 7000% price surge. The bull flag comes in the form of higher lows and lower highs that have been happening in the XRP price action over the last five years.
As the analyst posits, these higher lows and lower highs have worked to form a triangle pattern, which has historically been bullish for the token’s price. This pattern apparently began forming back in 2017 after the price completed a 7000% move during the 2017-2018 bull market.
FieryTrading explains that this pattern points to a massive explosion in the price of XRP. A timeline also comes with this prediction, putting the price explosion sometime in 2024, a year where many have said the next bull market is expected to begin.
For the height of this bullish surge, the crypto analyst expects that the price will rise as high as $25. They acknowledge that this price level may be quite high. However, the analyst explains that if the ADA price could make a new all-time high 600% higher than the previous ATH, it is possible for XRP.
Analysts Believe Double-Digits Is Possible
Another crypto analyst Egrag Crypto has put forward the possibility of the XRP price crossing the double-digit threshold. In their analysis, Egrag points to the XRP price entering a consolidation phase after recording three consecutive monthly green candles.
Now, there have been two times in history when something like this has happened for the altcoin, and in the end, the XRP price had seen a massive surge each time. The first time was a 5-month consolidation following three consecutive monthly green candles and that ended with a 1,500% increase.
The next time was a 12-month consolidation period which followed three consecutive monthly green candles. This time around, after the long consolidation period, what followed was an 8,000% price increase. Going by these two outcomes, the analyst expects a similar outcome this time around.
Between these two scenarios, a repeat would put the altcoin’s price between $10 and $50. Taking an average of these two targets, it comes down to $30, which is close to the $27 target that the crypto analyst has presented at multiple points in the past.