Crypto analyst CobraVanguard has revealed a bullish pattern that has formed for the XRP price on the 4-hour chart. The crypto analyst predicted that XRP could enjoy another 50% price surge from its current level.
XRP Price Forms Bullish Pattern On 4-Hour Timeframe
In a TradingView post, CobraVanguard revealed that the XRP price has formed a bullish flag on the 4-hour timeframe. He added that a break above this bull flag could drive XRP’s price to around $2.9. The crypto analyst remarked that this price surge is expected to happen in the new year.
An XRP price rally to this $2.9 level could pave the way for the coin to reach its current all-time high (ATH) at $3.8. This $2.9 level looks to be a crucial level for XRP, as other crypto analysts like Dark Defender have highlighted it in the past as one which the crypto needs to break above to reach new highs.
Meanwhile, similar to CobraVanguard, crypto analyst Javon Marks analyzed the XRP price action in the 4-hour timeframe while identifying key metrics that suggest a possible rally. Based on his analysis, Marks predicted that XRP is preparing for a significant run to $11, marking a new ATH for the crypto.
Crypto analysts like Dark Defender have also predicted that the XRP price could reach double digits. Dark Defender stated that XRP could peak at around $18 in this market cycle. Crypto analyst Behdark predicted that XRP could reach as high as $28 based on his Elliot Wave theory analysis.
However, the XRP price looks to be in bearish territory at the moment based on crypto analyst Ali Martinez’s recent analysis. The analyst stated that a drop to $1.96 becomes imminent if the XRP breaks below the support level of $2.20.
XRP Reaches Key Retracement Level
In an X post, crypto analyst CasiTrades stated that the XRP price had reached the .5 retrace level and formed a bullish divergence on the smaller timeframes. The analyst remarked that this could be the target for wave 2, but warned that the .618 retrace at $2.12 remains valid until XRP breaks a new local high above $2.38.
CasiTrades further noted that the XRP price is struggling to break and hold $2.28 and that this target could be the local top if another wave to $2.12 is needed. However, based on this price action, the crypto analyst noted that $2.28 has become a crucial decision point in the short term. Once wave 2 is confirmed, CasiTrades predicts that the next move would be subwave 3, taking the crypto closer to the $2.60 target for wave D.
At the time of writing, the XRP price is trading at around $2.17, down over 2% in the last 24 hours, according to data from CoinMarketCap.
