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 $15
Tony suggests in his analysis that time may be running out for those looking to accumulate more XRP before the next bull run.
Imagine if it happened that fast, when everyone thinks they have months to years to accumulate #XRP$XRP has formed the same 1M Japanese candlestick setup as late 2017, right before a 900% candle
Thin order books, unwinding of shorts, and FOMO can pack a powerful punch pic.twitter.com/hFpDUTRCgP
— Tony "The Bull" (@tonythebullBTC) November 7, 2023
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.
We are on twitter, follow us to connect with us :- @TimesTabloid1
— TimesTabloid (@TimesTabloid1) July 15, 2023
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.
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