- XRP breaks out of a bullish flag to signal a potential rally.
- Analysts predict a $4 initial target for XRP following a bullish flag breakout.
- Philippines banks’ Hedera implementation will boost HBAR’s adoption.
XRP has broken out of a bullish flag pattern, leading crypto analysts to predict a potential upward rally for the cryptocurrency. In a recent podcast, a crypto market commentator highlighted predictions by renowned analysts, most of whom do not identify as XRP supporters. One analyst remarked that the upcoming rally will surpass the crypto’s previous move, which many crypto users considered a massive bull run.
Meanwhile, the commentator highlighted typical crypto market cycles, which comprise a series of up and down movements. He described XRP’s recent downward price movement as a “cool down” in a bull market. He believes the cryptocurrency market moves in phases.
Read also: XRP Holds $2.5 as Analysts Predict Breakout or Retest to $2 Support
To explain the elements behind the repeated pullbacks during crypto market rallies, the commentator cited flushing out of leverage and sentiment reset as crucial factors behind crypto market pullbacks. According to him, these elements lead to market consolidation until the price finds support, leading to a bounce.
The podcast host noted that XRP has flipped a previous resistance into support and is ready to rally. One analyst set $4 as XRP’s next target, with the possibility of reaching $8.
Hedera (HBAR) Could See Upside Push
Hedera (HBAR) could also experience an upside push following its adoption by Philippine banks. These banks recently collaborated to launch the PHPX stablecoin, using Hedera’s DLT network and cross-border payment solution. Analysts believe this is a significant development that could trigger greater HBAR adoption.
The podcast host believes this is an early signal of a future where most things are represented on the blockchain. He thinks the news will boost HBAR’s price significantly. At the time of writing, HBAR was trading for $0.265, according to TradingView.
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