Crypto analyst Babenski has declared that the XRP price is breaking for a breakout. The analyst highlighted a bullish pattern that was forming, which could spark a rally to a new all-time high (ATH).
XRP Price Forms Flag Pattern Which Points To $5
In a TradingView post, Babenski revealed that the XRP price is forming a small flag pattern above a previous big accumulation zone. The analyst added that it looks like a breakout could happen soon. His accompanying chart showed that the altcoin could rally to as high as $5 on this breakout, which would mark a new all-time high (ATH).
Crypto analyst Dark Defender also recently predicted that the XRP price could rally above $5 on Wave 5 of the impulsive move to the upside. He remarked that the altcoin has been descending since January 17 this year and that the support level is increasing. In line with this, the analyst noted that there is an intersection now. Dark Defender declared that this is where XRP will decide within two weeks.
His accompanying chart showed that the XRP price could hit $5.8563 on this move to the upside. In another X post, he affirmed that the altcoin is already on its way to a new all-time high. Crypto analyst Egrag Crypto also highlighted the fact that XRP was at a crossroads and could make a major move soon.
In his most recent analysis, he stated that the XRP is at a critical juncture with a major formation breakout. The analyst remarked that the probabilities are about 70% to 80% for an upside breakout and 20% to 30% for a downside move. He added that the breakout is likely to be triggered by some fundamental news and that the chart hints that this news is imminent. These fundamentals are expected to be strong enough to break through key resistance levels.
Things Are About To Get Exciting For XRP
In an X post, crypto analyst CasiTrades declared that things are about to get exciting for the XRP price. She noted that the entire consolidation structure is reaching its final moments. With price at a standstill and momentum dormant, she said that this is exactly how large market moves are born.
CasiTrades mapped out subwave 2 extensions from the recent local low. She stated that if that was indeed the Wave 2 bottom, then the measured extension projects upside targets. These targets align in the $8 to $13 macro zone which she has been highlighting for over a year. The analyst noted that this kind of alignment across structure, time, and Fibonacci extensions is rare, which is why everyone should be macro bullish on the XRP price.
At the time of writing, the XRP price is trading at around $2.29, down in the last 24 hours, according to data from CoinMarketCap.
Featured image from Getty Images, chart from Tradingview.com
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