Is XRP Set to Surge to $1? According to This Chart it is Possible

A crypto analyst has identified a bullish pattern on the daily chart of XRP that indicates potential significant price gains.

“Mikybull Crypto” pointed to a bullish continuation pattern on the pennant, which typically signals the continuation of an uptrend after a consolidation phase. The analyst is confident that XRP will surpass $1, citing the reliability of this bullish pattern.

$XRP has formed a bull pennant continuation pattern on the daily chart.

The breakout will be massive.

The pattern rarely fails👀 https://t.co/VU4Z9Dg1tX pic.twitter.com/kO02sfLh74

— Mikybull 🐂Crypto (@MikybullCrypto) July 28, 2024

XRP is currently consolidating around the $0.60 mark, having reached a short-term target of $0.58. The formation of the bullish pennant suggests that XRP is positioned to continue its bullish momentum, potentially rising to $1 for the first time since 2021.

That rise would be important, especially since XRP didn’t reach that level even after Judge Annalisa Torres ruled that the token wasn’t a security last year.

Mikybull Crypto believes XRP’s rise to $1 is just the beginning. The expert predicts that XRP could repeat its 2017 rally, when the token saw a 61,000% increase in 280 days, potentially reaching as high as $4.

He argues that the current technical signs resemble those seen in 2017, indicating that XRP could be setting up for a significant upside move.