The biggest bull flag in cryptocurrency history is formed by XRP.
Data reveals that XRP has created what may be the biggest bull flag in cryptocurrency history despite continuing to trade below its all-time high of $3.84 set in January 2018.
In a recent post on X, Abs, a well-known market analyst and team member of 3T Warrior Academy Research, revealed this. He pointed to the monthly price fluctuations of XRP and said that the flag formation might signal the start of a significant bull run.
Indian Flag Dp: The 1 Biggest Bull In Cryptocurrency History is Formed By XRP Now
An Unusual Role Notably, the claim is supported by data from the one-month chart. Remember that in January 2018, XRP reached an astounding all-time high of $3.84 thanks to the bull market of 2018.
This was an incredible rise of 127,900% from the $0.0030 value in January 2017. However, the digital asset began to record a decline after hitting the $3.84 peak in January 2018.
The bears intended to cause XRP to retrace, giving up all of the gains made during 2017, which was one of its best years ever.
Although it lost most of these gains, XRP continued to trade above where it was prior to the 2017 surge. Every attempt to get the lost values back and get the ATH back has failed.
Abs noted that a number of market analysts blamed the SEC lawsuit for XRP’s failure to recover the $3.84 ATH. The charges from the US SEC surfaced in December 2020.
XRP failed to capitalise on the 2021 bull run and reach the $3.84 ATH despite numerous delistings and persistent selling pressure. The asset encountered resistance and only reached a high of $1.966 in April 2021.
Due to the lawsuit, XRP is in a special situation.
XRP Creates a Bull Flag However, XRP’s actions since falling from its peak of $3.84 in January 2018 have led to the creation of a bull flag on the monthly chart.
The flagpole was formed by the measured move during the 2017 rally, and the flag has been formed by the price action from 2018 until now.
Abs claims that because of its length, this flag is the biggest bull flag ever created by a cryptocurrency asset. According to his chart, XRP is currently moving towards the flag’s peak and may soon stage a breakout.
Notably, XRP’s recent legal clarity combined with a breakout like this could cause a huge price run.
Abs offered his audience the option to select from four price scenarios: less than $3.84, $3.85 to $8.80, $8.81 to $22.34, and more than $22.35. Abs did not provide any price projections.
Surprisingly, the majority of respondents (roughly 36%) think XRP will rise above $22.35. In the short run, XRP is still having difficulty holding onto the $0.60 price support.
The price of the cryptocurrency is currently $0.6045, down 2.36% from the previous day. Additionally, XRP’s 24-hour trade volume dropped by 13.36% to $1,469,118,519.
Notice: Nothing in this content should be construed as financial advice; it is merely informative. The opinions expressed in this article are those of the author and may not necessarily represent those of The Crypto Basic.
It is recommended that readers conduct extensive research prior to making any investment decisions. Any financial losses are not the responsibility of The Crypto Basic.
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