Crypto analyst Luke drew attention to one The collision of the XRP flagwhich could send the price to $11, which would be a new high (ATH) for the altcoin. This comes at a time when the altcoin faces the backdrop of the US-Iran war, which threatens to continue for a long time.
XRP’s eyes are on the verge of breaking the Bull flag at $11
In one X postLuke stated that a bullish flag is forming on the weekly chart of XRP with a target of $11. Analyst noted that this textbook bull flag after 8-month consolidation. The upward movement of the polar indicator points to a definite rally to $11, while the altcoin could reach $11.20 based on the extension of the 1,618 Fib.
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An XRP rally to $11, representing an increase of almost 700% from the current price. Luke pointed out that such a rally is possible, while institutions also gather, an evolution that shows a “parabolic leg” is introduced. However, it should be noted that XRP ETFs have seen daily net outflows over the past two days as tensions between the US and Iran escalate.
SoSoValue information shows that $6.15 million and $16.62 million were withdrawn on March 5 and 6, respectively. As a result, their net assets XRP ETFs decreased from 1 billion dollars. The altcoin, along with the broader crypto market, is currently facing negative pressure, with US-Iran tensions pushing oil prices to multi-year highs.
Crypto analyst CasiTrades predicted that XRP may fall to $0.87 as it remains above the $1.67 resistance level. Crypto analyst Egrag Crypto also stated that XRP may drop to $0.85 after encountering a rejection at the $1.55 level.
Understanding current price action
In one X postcrypto analyst JB stated that all previous fits, including October 10, filled the demand zone. The analyst believes that there will be no additional negative fuel left if XRP is still in the higher term (HTF) powerful environment. JB also noted that the first attempt to retrace $1.61 failed, so a retest of the $1.25 and $1 levels is now back on the table.
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To invalidate this low structureXRP should retrace $1.61 and break the diagonal resistance. JB pointed out that this significantly increases the probability of the broad trend resuming after about 15 months of correction. “The current zone offers one of the strongest R:R setups for HTF stocks, which is marginally below the gray demand zone,” the analyst said.
At the time of writing, the price of XRP is reportedly around $1.36, down more than 2% in the last 24 hours. information from CoinMarketCap.
Featured image from Freepik, chart from Tradingview.com
