Despite struggling in the last few years due to a lawsuit between Ripple and the United States Securities and Exchange Commission (SEC), the price of XRP has been receiving a lot of support from the community. This has materialized in the form of Countless bullish predictions that altcoins will surge and regain its lost glory. The latest of these insights comes from the 3T Warrior Trading Academy account on X, which predicts double-digit values for the altcoin.
The Biggest Bull Flag in Crypto History
In Post On the X (formerly Twitter) platform, analysis points to a notable formation XRP Price ChartThis triangle formation that began in 2017 points to a bull flag. However, this is no ordinary bull flag as the analyst believes this could be the largest bull flag in crypto history, possibly due to how long this formation has been forming.
He points out that this is not the first time that XRP could see a big surge in price. For example, in 2017, the altcoin saw a 60,000% increase in price, rising from $0.006 to $3.84. However, such a huge surge may not be possible due to its current large cap, but the analyst believes that XRP could still see a significant surge in price.
At that time, it took about 240 days to build it XRP price rally is about to end. However, in the 2021 bull market, the altcoin failed to do so due to Ripple’s dealings with the SEC, something that derailed its price. 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 it took so long to form.
Fibonacci extensions are brought up in conversation for the reason that Altcoins It can do so. According to the analyst, if the Fibonacci extension reaches 4.236, then XRP price could reach $16. If this happens, it would mean a 2,566% increase from the current level of $0.6.
Another reason for the rise in XRP price
While the formation on the XRP price chart is promising, there are other factors that could push the altcoin’s price to new heights. The Ripple vs SEC lawsuit is fast coming 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 be concluded sometime this year. If that happens, it could give XRP’s price the boost it needs to grow without the burden of securities charges levied by a regulatory body.
Featured image created by Dall.E, chart taken from Tradingview.com
