- XRP’s 2019 bull flag formation suggests a potential breakout above $2.46, targeting $4.
- TD Sequential sell signal hints at a short-term correction before further gains.
- Support levels at $2.12 and $1.93 could stabilize XRP during any correction phase.
The stock market of cryptocurrency is characterized with trends that those involved in trading use to estimate future prices of the field. There is a bullish pattern referred to as the “bull flag” on XRP’s 4 hour chart that sometimes precedes a price breakout. Both the bullish trend and the price carry strong indications. Following a spike above $2.46 or moving up to $4, the price might first temporarily pull back due to a sell signal from the TD Sequential indicator.
XRP Forms a Bull Flag Pattern as TD Sequential Indicates a Sell Signal
The bull flag is a standard chart formation of an uptrend (the flagpole) where a stock price consolidates in a parallel downward sloping channel called the flag. In the case of XRP on its 4hr chart below, it is clearly exhibited that this formation gives a hint of the prior bullish continuation. If XRP approaches $2.46 and breaks above the upper end, this pattern may confirm the flag and open the way to higher levels.
Even though the bull flag bears a bright sentiment, the TD Sequential—ammeter used for projecting a possible reversal of the price’s trend—gave a sell signal on the 4-hour chart. As a rule, this indicator appears before a minor formation of a trend reversal or a consolidation range. Thus, it might be dragged to pull back before it gains sufficient steam for a breakout on XRP.
Market Conditions Remain Key with Potential Upside Targets
If RJ crosses the current congested range of $0.55-$0.68 and surmounts the $2.46, technical analysis based on Fibonacci levels indicates further likely moves to $2.95, $3.63 and $4.07. These levels correspond to 1.272 and 1.414 Fibonacci extensions which define resistance levels in uptrends. If the price of XRP breakout above $4, it will be a great achievement for the coin and more investors will be interested in the coin.
Despite this, technical pattern positions provide essential information for reserving recognition, but it takes market sentiment and extremity, like regulations and trends in the overall cryptocurrency market, to dictate XRP’s movement. Traders need to initiate their decisions with certain measures of prudential skepticism.
