Crypto V (@cryptovilian), a crypto analyst on X, recently shared two intriguing charts, suggesting XRP is primed for a significant rally. The first chart depicts XRP’s price movement in 2017.
A key observation from this chart is the trajectory of the 20-day simple moving average (SMA). During XRP’s rise in 2017, the 20-day SMA briefly crossed above its price. This later triggered a massive run culminating in XRP’s all-time high.
#XRP 2017 vs. 2024
In case it wasn't obvious enough …..
Have fun buying my bags off me at $8 -$13 $XRP pic.twitter.com/xy1M8a9QSB
— Crypto V (@cryptovilian) December 20, 2024
XRP Repeating the Historical Pattern
Crypto V’s second chart compares this historical price action to XRP’s current performance in 2024. Once again, XRP appears to be consolidating near the 20-day SMA after experiencing a significant upward move over the past few weeks.
The 20-day EMA has now crossed over the price, signaling a coming massive rally. Crypto V also shared another intriguing development, noting that XRP’s market cap at the time of his analysis was almost 100x the market cap in 2017 when this massive rally began.
According to Crypto V, “In case it wasn’t obvious enough… have fun buying my bags off me at $8–$13.” This suggests the analyst anticipates a major breakout, with XRP potentially reaching a price range between $8 and $13.
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Bullish Expectations for XRP
Many experts believe XRP is about to repeat its 2017 performance. The 20-day SMA is a widely used technical indicator in financial markets. It helps traders identify short- to medium-term trends by smoothing out price fluctuations.
Historically, when an asset’s price remains above this moving average, it is viewed as a bullish signal, indicating the potential for further upward momentum. In both 2017 and 2024, XRP’s price behavior aligns with this pattern.
Market sentiment is also helping to fuel bullish expectations. XRP has seen renewed interest following Donald Trump’s victory in the U.S. presidential election and the recent announcement that Gary Gensler, current Chair of the U.S. Securities and Exchange Commission (SEC) will resign in January 2025.
XRP’s current position relative to its historical patterns suggests a potential for significant price movement. As Crypto V and others have pointed out, the asset shows many signs that it will repeat its 2017 performance.
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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