Renowned crypto analyst CryptoBull has shared a compelling technical analysis of XRP, referencing its price trajectory during the 2017 bull run to predict a massive rally.
According to the analyst, XRP achieved a staggering 72,000% price increase in 2017, driven by a triangular price consolidation pattern similar to the one observed now.
This chart pattern, combined with an extended consolidation phase, hints at a significant price rally in the coming months.
In 2017 #XRP gained 72,000%. With the same structure in place now, except for a much longer consolidation, the price in a few months should shock us all. pic.twitter.com/9XKWjrZ0sO
— CryptoBull (@CryptoBull2020) November 25, 2024
XRP Forming Historical Technical Indicators
CryptoBull’s analysis highlights XRP’s remarkable historical performance when the cryptocurrency surged from mere fractions of a cent to its all-time high of $3.84 in less than a year.
The current structure, however, is characterized by a longer consolidation period, signaling the potential for an even larger breakout if history repeats itself.
The technical pattern known as a symmetrical triangle often serves as a continuation or breakout indicator. Such patterns can lead to dramatic price surges when combined with increased trading volume or fundamental catalysts.
CryptoBull suggests that XRP is at a critical juncture, with the monthly chart nearing the triangle’s apex. A decisive break above resistance levels could trigger a rally comparable to its 2017 performance.
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Renewed Optimism Surrounding XRP
Adding to this optimism, XRP has recently shown signs of strengthening following positive developments in its legal battle with the U.S. Securities and Exchange Commission (SEC). This legal clarity could provide further momentum for price action. However, market conditions and external factors like broader macroeconomic trends and Bitcoin’s performance will also influence XRP’s trajectory.
If the digital asset can recreate the 2017 surge and climb by 72,000%, it would hit a new all-time high of $994.98, a triple-digit level that most investors cannot even envision. This could potentially make XRP the biggest cryptocurrency in the market.
In a separate analysis, CryptoBull emphasized a specific level XRP must close at on the monthly chart to confirm the potential breakout. The digital asset is currently trading at $1.38 and is on its way to breaching that level.
The symmetrical triangle pattern and historical parallels are compelling, and other market dynamics and external factors suggest a major shift is coming for XRP. Speaking of XRP’s price, CryptoBull wrote, “The price in a few months should shock us all.”
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. Any action taken by the reader is strictly at their own risk. Times Tabloid is not responsible for any financial losses.
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