XRP Is About to Rise 320%? Bull Pennant Pattern Just Broke – Price Target 15 USD

In a recent post on X, analyst Ali Martinez shared that XRP has recently broken out of the Bull Pennant pattern. The Bull Pennant is a technical analysis model (TA) formed when the price of an asset continues to rise to the sky with an accumulation phase between two converging trend lines. Bull Pennant is similar to Bull Flag, with the main difference being that the flag consists of parallel channels. Like in the case of Bull Flag, the initial uptrend forms a "peak", but the consolidating channel here is referred to as a "pennant". When the price trades within the pennant of the pattern, it is likely to encounter resistance at the upper level and support at the lower level. Breaking out of either of these levels may signal a breakout in that direction. The Bull Pennant is considered a continuation pattern, thus the likelihood of a breakout to the upside can be considered higher. This means that the asset is more likely to rise to the sky above the resistance line. Similar to the Bull Pennant, there is also a Bear Pennant. This TA model works quite similarly, except that the pole is represented by a downward move and the likelihood of a bearish breakout is higher. Here is the chart shared by the analyst, showing the weekly XRP price pattern that has been trading within until recently:

As shown in the chart above, the weekly price of XRP had previously experienced consolidation within a Bull Pennant, but this month, the asset has finally found a breakthrough as the price strongly broke out of the pattern. Typically, Bull Pennant breakouts are considered to have the same length as the pole. Based on this, the analyst has drawn a potential breakout for the cryptocurrency on the chart. The target it aims for is 15 dollars. If such a price rise really occurs with XRP, then its price will surge to 320%. Currently, it is still unclear whether the Bull Pennant can actually hold the value of this asset or not. $XRP {spot}(XRPUSDT)