A prominent crypto figure on social media platform X, Good Morning Crypto (@AbsGMCrypto), has sparked discussion within the cryptocurrency community by highlighting a potentially recurring price pattern for XRP. If this pattern holds, it could indicate an upcoming significant upswing for the digital asset.
Good Morning Crypto shared a chart from X user LUDXRPFLR (@ludnlxrp) pointing to XRP’s price movement in 2017 and 2018 as a prime example of this pattern. In 2017, XRP experienced an extended period of decline, followed by a consolidation phase characterized by a symmetrical triangle formation on the price chart.
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This consolidation phase was punctuated by a brief dip below the triangle’s lower trendline, which Good Morning Crypto identifies as the “final shakeout” before a substantial price increase.
Following this pattern, XRP achieved a staggering 70,000% gain within a year, reaching its all-time high of $3.84 in January 2018.
Comparing 2017 and 2024
The core argument presented by Good Morning Crypto is that a similar price pattern is unfolding. He observes that, much like in 2017, XRP has recently experienced a notable price drop, falling below the $0.5 mark in late June 2024.
This decline coincides with the breach of the symmetrical triangle’s lower trendline on the XRP price chart, mirroring the final shakeout observed in the historical data. Many other analysts share Good Morning Crypto’s belief that XRP can recreate the 2017 surge, and potentially surpass those gains.
XRP’s Target
Based on the historical pattern and the presumed completion of the final shakeout, the chart shows a target price of $16.1 for XRP. XRP is trading at $0.4277, up 6.50% over the past 24 hours. The predicted rally to $16.1 represents a 3,664.32% increase for XRP.
While the identified historical pattern offers an intriguing perspective on XRP’s potential future trajectory, it is crucial to acknowledge certain limitations.
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Firstly, past performance does not guarantee future results. The cryptocurrency market is volatile, and various factors beyond historical patterns can influence prices. Secondly, the $16.1 target price rests on the identified pattern’s validity. Deviations from the expected price movements could undermine this prediction.
However, another prominent analyst recently shared a similar analysis with $16.1 as his target, adding credence to this prediction.
Disclaimer: This content is meant to inform and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not represent Times Tabloid’s opinion. Readers are urged to do in-depth research before making any investment decisions. Times Tabloid is not responsible for any financial losses.
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