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The recent XRP price action has drawn attention from crypto analyst Ali Martinez, who identified a bull flag pattern forming on the 4-hour candlestick chart. This development comes despite a 4.5% decline in XRP’s price over the past 24 hours, highlighting market uncertainty.
Bull Flag Suggests Continuation of Uptrend
Martinez noted on X that the bull flag pattern—a continuation signal—indicates a potential resumption of XRP’s upward trajectory. Key observations:
- Consolidation Phase: Reflects market indecision before a breakout.
- Downward-Sloping Flag: Formed via lower highs and lows since early December.
- Minor Break Below $2: Occurred near the 0.5 Fibonacci retracement level.
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Conflicting Signals: TD Sequential Flags Sell Alert
Despite the bull flag’s bullish implications, Martinez highlighted a sell signal from the TD Sequential indicator, suggesting:
- A brief correction may precede the breakout.
- Possible retests of key Fibonacci levels ($2.125 and $1.93).
XRP Price Outlook: Bullish Beyond Correction
Current data:
- Price: $2.34 (-4.5% in 24h).
- Critical Resistance: $2.46 (breakout trigger).
If the bull flag holds:
- Breakout above $2.46** could propel XRP toward **$4 (1.414 Fib extension).
- Support levels must hold during correction.
FAQs
Q: What is a bull flag pattern?
A: A continuation pattern where price consolidates in a downtrend before resuming its prior uptrend.
Q: How reliable is the TD Sequential indicator?
A: It’s been effective in this cycle but should be weighed alongside other signals.
Q: What’s the worst-case scenario for XRP?
A: A drop below $1.93 could invalidate the bullish structure.
Q: When might the breakout occur?
A: If the sell signal resolves quickly, a breakout could happen within days.
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Final Thoughts
While short-term volatility persists, XRP’s bull flag formation and historical resilience keep the long-term outlook bullish. Traders should monitor:
- Key support levels ($2.125, $1.93).
- Breakout confirmation above $2.46.
Editorial process ensures accuracy and unbiased reporting.
Written by Scott Matherson, a leading crypto analyst at Bitcoinist.
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