Bitcoin Analyst Says XRP’s Time Has Come, Targets $587

Bitcoin analyst “Flash” says XRP’s time has come, unveiling a bold target of $587 that requires a near 100X surge.

Flash expressed this sentiment in a recent post on X. The comment was accompanied by a XRP chart on the weekly time frame, covering its candlestick pattern since its 2021 bullish rally.

Considering that XRP traded at the 2021 high of $1.96, its current low prices below a dollar have formed a symmetrical triangle pattern with the maximum value.

The Flash chart shows that XRP is now breaking out of the downtrend, closing with larger weekly green candles. XRP has closed two large weekly green candles and is currently forming the third.

To put things in context, during the first week of this month, XRP fell below $0.4, reaching one of its lowest levels in nearly two years. By the end of the second week, XRP regained the $0.5 threshold after a 20% increase, closing on July 13 at $0.5263.

XRP kept the momentum goingreaching a three-month high above $0.63 before July 20. Notably, XRP ended the week at around $0.6. Currently, XRP continues to defend the $0.6 threshold, trading above $0.61.

XRP’s bullish performance for two consecutive weeks has been a notable highlight among market watchers. As reported by The Crypto Basic yesterday, a technical analyst highlighted the significance of the two weekly green candles, citing historical data suggesting a likely new upward movement of 800%.

XRP Time Has Come: Target $587?

Bitcoin Flash analyst exclaimed, “XRP’s time has come,” based on chart observation. This suggests that XRP could start causing the wave of buzz in the cryptocurrency market.

Flash’s bullish sentiment has attracted considerable attention among cryptocurrency market participants, with many asking about his target for the asset in the event of a full breakout. To one of the repeated queries, he disclosed $587.

This bold outlook surprised more than one, especially since a value of $587 requires a price growth of almost 100,000%, which Many consider this to be far-fetched.

“Scared” XRP Might Actually Work This Time

Meanwhile, in a related discussion, analyst Alex Cobb said he feels real anxiety that this cycle could finally happen when XRP breaks its spell. Cobb’s sentiment follows a similar bullish observation from another analyst, who believes that XRP is on the verge of hitting a new all-time high, surpassing its 2018 peak.

While long-term XRP holders missed out on the 2021 bull run, proponents to keep hope for a reversal of this cycle, while favorable developments align simultaneously.

Disclaimer: This content is informational and should not be considered financial advice. The opinions expressed in this article may include the personal opinions of the author and do not reflect the opinion of The Crypto Basic. Readers are encouraged to conduct thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.

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