Crypto analyst Luke has drawn attention to one Breakout of the XRP bullflagwhich could send the price to $11, which would set a new all-time high (ATH) for the altcoin. This is because the altcoin is experiencing even more disadvantages amid the war between the US and Iran, which threatens to drag on for a long time.
XRP Eyes Rise to $11 During the Bull Flag Breakout
In one X messageLuke stated that a bull flag breakout is developing on the XRP weekly chart, targeting $11. The analyst noted that this is a textbook bull flag after the Consolidation of 8 months. A measured move at pool height indicates a rally to exactly $11, while the altcoin could reach $11.20 based on the 1.618 Fib extension.
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A XRP rally to $11 from the current price represents an increase of almost 700%. Luke indicated that such a rally is possible, with institutions also piling up; a development that shows that a “parabolic leg” is on the way. However, it is worth noting that the XRP ETFs have seen net outflows daily over the past two days as tensions between the US and Iran rise.
SoSoValue data shows that funds outflowed $6.15 million and $16.62 million on March 5 and 6, respectively. As a result, the net worth of this becomes XRP ETFs have fallen below $1 billion. The altcoin, alongside the broader crypto market, is currently facing downward pressure, with tensions between the US and Iran driving oil prices to multi-year highs.
Crypto analyst CasiTrades predicted that XRP could fall to $0.87 as it remains below the $1.67 resistance level. Crypto analyst Eggrag Crypto also stated that XRP could drop to $0.85 after rejection at the $1.55 level.
Understanding the current price action
In one X messagecrypto analyst JB stated that all previous fuses, including the one from October 10, have been filled in the demand zone. The analyst opined that there is not much additional downside fuel left if XRP is still on a higher timeframe (HTF). bullish environment. JB also mentioned that the first attempt to regain $1.61 failed, so a retest of the $1.25 and $1 levels is now back on the table.
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For an invalidation of this bearish structureXRP needs to regain $1.61 and break the diagonal resistance. JB noted that this would significantly increase the chances of the broader uptrend resuming after about a 15-month correction. “The current area offers one of the strongest R:R setups for HTF spot longs, with disability below the gray demand zone,” the analyst added.
At the time of writing, the XRP price is trading around $1.36, down more than 2% in the past 24 hours. facts from CoinMarketCap.
Featured image from Freepik, chart from Tradingview.com