XRP Price Prediction: Bull Pennant Pattern Forms, Mikybull Crypto Targets $1 And Possibly $4

Crypto analyst Mikybull Crypto has identified a bullish pattern that can send the XRP price to new highs. This comes amid the growing increase in the investors’ bullish sentiment towards the XRP token.

Crypto analyst Mikybull Crypto has identified a bullish pattern on XRP’s chart that could lead to a massive breakout and a price surge to new highs.

According to the analyst, XRP has formed a bull pennant continuation pattern on the daily chart. Mikybull Crypto highlighted that this pattern "rarely fails" and anticipates a significant breakout.

Based on the chart shared by the analyst, a breakout from this bull pennant could propel XRP to new highs, possibly even above $1.

A bull pennant is a technical indicator that signals the continuation of an uptrend after a period of consolidation.

As Mikybull Crypto noted, XRP's bull pennant formation comes after the token experienced a rapid surge in the early part of 2023 and hit the first short-term target of $0.58.

Following this surge, XRP entered a consolidation phase, which is common after such rapid movements. The formation of the bull pennant suggests that XRP's uptrend is likely to continue after a period of consolidation.

A breakout from this bull pennant pattern and a sustained move above $0.65 could pave the way for XRP to rally toward the $1 price level.

If XRP manages to hit $1, it will be a significant milestone, as it will be the first time since 2021 that the token has reached this price level.

Even last year, when Judge Analisa Torres ruled that XRP was not a security, the token failed to reach the $1 price point.

Mikybull Crypto further suggested that XRP's rise to $1 is just the beginning and anticipates the token reaching even greater heights in this bull cycle.

According to the analyst, XRP will surprise many doubters in this market cycle. Mikybull Crypto has also predicted that XRP could replicate its 2017 performance and reach as high as $4 if a similar price movement occurs.

Recently, Mikybull Crypto also reiterated his prediction that XRP will replicate its 2017 rally, which saw the token enjoy a price gain of over 61,000% in a span of 280 days.

In a X post, the analyst highlighted that XRP is displaying "significant technical signs" that were present in 2017 and preceded these massive gains.

According to Mikybull Crypto, historically, the chart always precedes the news, which suggests that XRP is setting up nicely for that catalyst that will eventually spark such a run.

Several factors could contribute to a strong price surge for XRP, including the conclusion of the legal battle between Ripple and the US Securities and Exchange Commission (SEC).

The resolution of this case is highly anticipated and could significantly impact XRP's price.

At the time of writing, XRP was trading at around $0.59, down almost 2% in the last 24 hours, according to data from CoinMarketCap.