XRP Holders Poised for Wealth, Analyst Sees Flag Pattern Targeting $5

XRP’s recent price dip to $1.97 rattled the market. Still, a swift recovery to $2.37 boosts hopes for a major breakout.

According to market analyst Steph, XRP holders are in for gains. He has cited the potential to see the cryptocurrency soar beyond its all-time high soon, potentially making loyal XRP holders “the richest” crypto investors.

Steph’s Analysis: XRP Holders Poised for Wealth

Steph’s analysis highlights the current state of the Bollinger Bands on XRP’s 4-hour and 12-hour charts. It shows the Bands are tightening again, a pattern often indicative of an imminent price movement. He references November’s jump, when a similar squeeze triggered a 490% rally.

Given these past movements, Steph believes the expanding Bands are a clear signal that XRP could be primed for another major breakout. “This could be the start of something big,” he notes.

Bullish Flag Pattern and $5 Target

Steph also draws attention to XRP’s recent breakout from a bullish flag pattern on its daily chart. This breakout was confirmed by multiple daily closes above a long-term resistance line, with XRP now holding above the crucial $2.33 support level.

As long as XRP maintains this support, Steph remains optimistic about its upward trajectory. He identifies $2.60 as a key resistance level to watch, with a daily close above it further confirming the breakout. Accordingly, the analyst sets a mid-term target for XRP between $4 and $5.

Bitcoin Dominance Shifts and XRP’s Favorable Setup

Another factor boosting XRP’s outlook is the shift in Bitcoin dominance, which tracks Bitcoin’s market share relative to other cryptocurrencies. According to Steph, the declining dominance of Bitcoin creates a favorable environment for altcoins like XRP.

Currently, Bitcoin dominance is testing a breakdown level near 56.6%, having dropped by 3.79% in the last 24 hours.

If it continues to fall, the analyst predicts it could reach the 47-50% range, a historically strong support zone. Such a decline would likely trigger an “altcoin season,” propelling XRP towards its $5 target.

However, Steph advises investors to lock in profits during XRP’s ascent to avoid missing out before a pullback reemerges.

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