The “Good Morning Crypto” analyst has published a remarkable analysis on Ripple (XRP). The analysis can be found atBull flag‘, a pattern that usually indicates an impending rise.
🚀 Free Crypto: Dutch Broker Makes Crypto Insiders Readers SHIB Millionaires Today; Get your free 1,500,000 SHIB
Advertising
Anycoin Direct
XRP is being cracked down on by US regulators
The analysis shows that XRP has been trading below its all-time high of $3.84 for more than 2,165 days. This is attributed to the actions of the US Securities and Exchange Commission (SEC), which classified XRP as an “unregistered security” in December 2020. This classification had a major impact on the price of XRP. Additionally, the cryptocurrency has been removed from many major cryptocurrency exchanges.
Nevertheless, the tide seems to be turning for XRP. With the lawsuit largely behind it, XRP has overcome a major obstacle. This optimism is reflected in the technical analysis, which suggests a potentially strong uptrend.
XRP price analysis
The split chart clearly shows that XRP is forming a so-called bull flag on the monthly chart. This pattern is usually viewed by traders as a positive pattern from which price can break out upwards.
📈 Is $XRP Is the largest bull flag in cryptocurrency history forming?💥 – THE DATA IS THERE!!🧠 $XRP has been trading below its all-time high ($3.84) for 2,165 days and counting!⏳ Many believe this is because the SEC classified XRP as an “unregistered security” in December 2020.
🇺🇸 BACKGROUND 🔍 The SEC… pic.twitter.com/5OcGZ7MTMM
– Good Morning Crypto (@3TGMCrypto) December 13, 2023
The analyst asked the question: “What do you think the maximum price for XRP will be?” What is striking is that almost 24% of the 2,000 voters have a price expectation of more than $22.35 per XRP.
While these optimistic forecasts are encouraging, it is important to emphasize that this is a single analyst’s analysis based on a single pattern. The crypto market is known for being extremely volatile and unpredictable. Good research in several areas is certainly not an unnecessary luxury.
In the latest XRP news you can read that the Ripple company is certainly not standing still despite the uncertainty it is currently facing. For example, it is working with several countries to introduce a digital version of the national currency.
Another analyst noted the bull flag earlier. In its analysis, FieryTrading stated where its price target would be if XRP actually broke out higher.
Post views: 0