XRP Forms Largest Bull Flag in Cryptocurrency History

4 views 7:38 am 0 Comments December 19, 2023

Data confirms that XRP has formed what is possibly the largest bull flag in cryptocurrency history amid its sustained performance below the January 2018 all-time high of $3.84.

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Abs, a prominent market commentator and a member of the 3T Warrior Academy Research team, disclosed this in a recent post on X. He cited XRP’s price movements on the monthly timeframe, noting that the flag formation could lead to a substantial bull run.

A Unique Position

Notably, data from the 1-month chart brings credence to the claim. Recall that XRP leveraged the bull market of 2018 to record an impressive all-time high of $3.84 in January 2018, having surged by a mind-blowing 127,900% from the $0.0030 value it witnessed in January 2017.

However, after XRP attained the $3.84 high in January 2018, the digital asset started recording a collapse. The bears looked to trigger a retracement that would see XRP relinquish all the gains picked up in 2017, one of its most successful years.

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XRP corrected most of these gains, but remained above its initial price before the 2017 rally. All efforts at recovering the lost values and reclaiming the ATH have proven abortive. Abs pointed out that several market analysts attributed XRP’s inability to reclaim the $3.84 ATH to the SEC lawsuit.

The U.S. SEC’s charges came up in December 2020. Amid multiple delistings and sustained selling pressure, XRP was unable to ride on the 2021 bull run to recover the $3.84 ATH. The asset only hit a high of $1.966 in April 2021 and faced resistance. The lawsuit put XRP in a unique position.

XRP Forms Bull Flag

Nonetheless, XRP’s performance since it dropped from the $3.84 high in January 2018 has resulted in the formation of a bull flag on the monthly chart. The measured move during the 2017 rally formed the flagpole, while the price action from 2018 to this point has formed the flag.

XRP Bull Flag Abs

XRP Bull Flag Abs

XRP Bull Flag | Abs

Due to the duration, this flag represents the largest bull flag formed by any crypto asset, Abs says. His chart suggests that XRP is now heading toward the peak of the flag, looking to engineer a breakout soon. Notably, such a breakout, coupled with XRP’s recent legal clarity, could result in a massive price run.

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Abs chose not to make any price projections, but gave his audience an opportunity to pick from four possible price scenarios: less than $3.84, $3.85 to $8.80, $8.81 to $22.34, and higher than $22.35. Interestingly, most respondents, about 36%, believe XRP will soar higher than $22.35.

Meanwhile, in the short term, XRP is still struggling to retain the $0.60 price support. The cryptocurrency now changes hands at $0.6045, down 2.36% over the last 24 hours. XRP has also recorded a 13.36% drop in 24-hour trade volume to $1,469,118,519.

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