Peter Brandt has observed a bullish flag pattern on the XRP ($2.99) chart, which indicates an upward breakout to $4.4.
The technical formation, which suggests a continuation of a bull trend, has received attention due to the rising interest from institutional investors in the asset.
Now that XRP price is confined within the flagged structure, analysts have their focus on the price movement.
Bullish Flag Pattern Signals Potential Surge
Recently, Brandt pointed out the formation of a bull flag on XRP’s daily chart, indicating the potential for an extended price rally.
The technical analysis points to an upward trend where the XRP price could possibly rise between 15% to 43% from the current trading price to reach $3.5487 and $4.3954.
Source: XWhile admitting that the situation in the market may vary, he showed concern about the asset’s trend if it continues to rise.
A continuation indicator is a bullish flag pattern which normally signifies a breakout in the following phase, after consolidation.
Market observers are monitoring price movements to confirm whether XRP will sustain the pattern and reach projected targets.
XRP Experiences Institutional Interest Amid Price Movements
More so, XRP also rose to an intra-day high of $3.1553 before going down.
It happened alongside increased institutional interest, such as Grayscale’s plans to launch an XRP exchange-traded fund (ETF).
The development has enhanced prospects and expectations among investors of a higher price in the future.
Consequently, this price movement indicates increasing investor confidence towards the further rise in the XRP price.
Nonetheless, the sentiment among market participants remains centered on whether the asset will be able to start moving past its range-bound consolidation phase.
Peter Brandt points out that the current buildup within the context of the bull flag formation may be setting the stage for upward price action.
Market Analysts Predict Price Targets Between $3.9 and $4.8
Besides Brandt’s analysis, other market analysts have also described similar patterns of market development.
One analyst identified a bull flag formation on the three-hour chart which means that a breakout could push XRP to $3.9.
Another analyst also pointed out that XRP has been fluctuating around the flag pattern and, in his suggestion, a breakout could push the price to $4.8.
The predictions of the analysts are consistent with Brandt’s projection of an increased price hike, indicating multiple confirmations.
Further supporting the bullish outlook, recent analysis of XRP’s daily chart shows a tightening Bollinger Band, that indicated a period of low volatility that typically precedes sharp breakouts.
Despite a 10% price decline at the time, trading volume had surged, signaling a potential move.
A break above $3.10 could lead to a push towards $3.50 or even $4.00. This is in line with the analysts.
At press time, XRP price is trading at $3.09, reflecting a 0.06% decline in the past 24 hours.
The price reached an intraday high of $3.1553 before retreating. The 24-hour trading volume dropped by 31.44% to $4.69B.
XRP’s market cap stands at $178.56B, showing minor growth.
Despite the short-term downturn, analysts remain focused on the bullish flag pattern and its implications for the asset’s price trajectory.
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