Market veteran Raoul Pal expects XRP to observe another leg up from its current position amid the ongoing consolidation phase.
Notably, Pal’s sentiments, shared in the latest Rekt Vision podcast episode, build on a bull flag pattern that has emerged on the weekly XRP chart this year. The ongoing consolidation, which has kept XRP around the $2 price mark, is an integral part of this bull flag.
A bull flag is a continuation pattern consisting of a flagpole, which represents the asset’s initial price run, and a flag, which marks the consolidation after the initial rally. A breakout above the flag often leads to a resumption of the rally.
XRP Forms Bull Flag
For context, XRP’s bull flag started in November 2024, when the asset broke out following President Donald Trump’s victory in the U.S. election. CNBC confirmed that XRP was one of the biggest beneficiaries of the ensuing market-wide uptrend.
The asset soared 580% from $0.5 in November 2024 to a seven-year high of $3.4 by mid-January 2025. Notably, this exceptional run resulted in the formation of the pattern’s flagpole.
XRP Weekly Bull Flag
However, XRP faced massive resistance at the $3.4 peak, leading to a pullback that eventually pushed prices below $2. Nonetheless, XRP recovered above the $2 mark, but the recent market dynamics have led to an equilibrium, with XRP stuck in a consolidation for the past four months.
Raoul Pal Expects Another Leg Up for XRP
Data from Pal’s chart shows that the asset has since been witnessing lower highs on the weekly chart, confirming that the bears have a slight edge. Despite this, the market veteran is confident XRP would witness a breakout.
XRP 1W Chart | Raoul Pal
Accordingly, he suggested that there is going to be “another leg up” for XRP from the current position. Pal admitted that despite not being involved in XRP, the XRP chart is “something to behold,” indicating that the asset is positioned for an impressive uptick from here.
Recall that Pal was once an XRP critic, even previously advising investors to abandon the asset and move into something with better potential. At the time, XRP remained stuck at $0.5. However, following the November 2024 breakout, Pal turned bullish, persistently insisting that the asset could see another uptick.
Possible Breakout Target
Notably, the analyst failed to present any price target, but data from the chart gives some insights into XRP’s potential goal. For context, following a breakout from a bull flag, the target is achieved by adding the length of the flagpole to the breakout price.
According to the chart, XRP could break out above the flagpole if it decisively closes above the $2.6 resistance level in the weekly timeframe. With the length of the flagpole, from the November 2024 rally, amounting to $2.9, this translates to a breakout target of $5.5. XRP currently trades for $2.31, requiring a 138% rise to hit $5.5.
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