Wednesday, June 19, 2024
HomeCryptocurrencyAnalyst Predicts 900% XRP Price Pump to $6, Citing Historically Bullish 1M...

Analyst Predicts 900% XRP Price Pump to $6, Citing Historically Bullish 1M Japanese Candlestick Setup

Intriguing indicators are pointing towards a substantial rally for XRP, driven by shifting market sentiments.

The recent emergence of a one-month candle pattern, reminiscent of the 2017 setup that led to a 900% surge, has caught the attention of Tony the Bull (@tonythebullBTC), a prominent Bitcoin (BTC) trader and the founder of CoinChartist, a crypto education and analysis website.

Read Also: XRP Price Forecast: Unusual Bent Fork Pattern Signals Potential 2,842% Rally to $15

Tony suggests in his analysis that time may be running out for those looking to accumulate more XRP before the next bull run.

This analysis revolves around a one-month XRP chart displaying a distinct candlestick setup that hints at an impending explosive price surge. What makes this setup particularly fascinating is its resemblance to a pattern from six years ago, which preceded one of XRP’s most significant historical rallies.

The 2017 Candlestick

The story begins in August 2017 when XRP made a remarkable 58% monthly increase. However, the following month saw a downturn, with XRP closing in September 2017 at a 23.42% loss.

October didn’t hold good news for XRP, as the bears kept forcing the price down. However, this downturn saw resistance, and XRP closed October with only a minor 0.92% decline. November brought a dramatic comeback, and this bullish sentiment spilled over into December, propelling XRP to almost $2.5, with a 746% surge in one month.

The 2023 Candlestick

What’s captivating is that XRP appears to have formed a remarkably similar pattern this year. This cycle’s pattern kicked off in July, mirroring the start of the previous cycle.

XRP enjoyed a significant increase in July, closing the month with a 47% gain. XRP Rose to $0.93 after Judge Analisa Torres declared XRP a non-security asset.

Read Also: BlackRock and JPMorgan’s Strategic Entry to Ignite XRP Price Surge –Forbes

However, a subsequent retracement in August saw XRP shed almost 27% of those gains, mirroring the correction in September 2017.

<

XRP could not recover these gains in September, closing the month with a 0.84% increase. However, October brought the denial of the SEC’s interlocutory appeal, which was a major victory for Ripple. The SEC also dropped its charges against Ripple’s executives Brad Garlinghouse and Chris Larsen in the same month.

Just like in November 2017, XRP embarked on its bullish run in October, achieving a 16.54% increase. The momentum has carried into November, with XRP experiencing a surge early this month. If Tony’s belief is right, we could see another 900% surge for XRP soon.


Follow us on Twitter, Facebook, Telegram, and Google News

Tobi Loba
Tobi Loba
Tobi Loba is a passionate writer with a vast interest in the stock market. She joined the crypto ecosystem about three years ago and has written lots of ebooks and articles in relation to cryptocurrency and blockchain projects. Tobi Loba earned her degree at the University of Ibadan.
RELATED ARTICLES

Latest News & Articles