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.

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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.

Kosta Gushterov

Kosta has been working in the crypto industry for over 4 years. He strives to present different perspectives on a given topic and enjoys the sector for its transparency and dynamism. In his work, he focuses on balanced coverage of events and developments in the crypto space, providing information to his readers from a neutral perspective.