The price of XRP, despite the problems it has caused in recent years due to the lawsuit between Ripple and the US Securities and Exchange Commission (SEC)continues to enjoy a lot of support from the community. This has materialized in the form of numerous bullish predictions that the altcoin will rise and regain its lost glory. The latest of these comes from the 3T Warrior Trading Academy account on X, which predicts double-digit returns for the altcoin.
Biggest Bull Flag in Crypto History
In the after on the X (formerly Twitter) platform, the analysis points to a remarkable formation on the XRP price chart. This triangle formation that started in 2017 seems to point to a bull flag. However, this is not just any bull flag, as the analyst believes this could potentially be the biggest bull flag in crypto history, likely attributed to how long the formation has been in the making.
They point out that this isn’t the first time that the XRP price could make a big jump. In 2017, for example, the altcoin’s price managed to surge 60,000%, from $0.006 to a peak of $3.84. While a jump of this magnitude may not be feasible due to the current large market cap, the analyst believes that the XRP price could still stage a notable rally.
At that time, the formation took about 240 days. XRP price will complete its rally. However, in the 2021 bull market, the altcoin failed to do something similar due to Ripple’s SEC with the SEC, which derailed the price. Due to this, the altcoin’s price is consolidating and has been trading below its all-time high for over 2,400 days. Hence, the formation took so long.
The Fibonacci extension is cited in the conversation as the reason that the altcoin could do this. According to the analyst, if the Fibonacci extension reaches 4.236, then the XRP price $16 could be reached. If this happens, it would represent a 2,566% increase from the current level of around $0.6.
Another reason why XRP price could rise
While the formation on the XRP price chart seems promising, there are other factors that could propel the altcoin’s price to new heights. The Ripple vs. SEC lawsuit is quickly coming to an end, with the court ordering Ripple to pay $125 million to the SEC. The supervisor has now appealed this decision and the market awaits the outcome.
Ripple CEO Brad Garlinghouse has also said that he expects the lawsuit to end sometime this yearIf this happens, it could give XRP price the push it needs to rise without the weight of securities regulator allegations holding the price down.
Main image created with Dall.E, chart from Tradingview.com