Charting Guy (@ChartingGuy), a popular technical analyst on X, recently updated his XRP price trend analysis. The update, shared on X, emphasizes how XRP’s current breakout closely mirrors 2017 price behavior.
The analyst attributes this alignment to Bitcoin’s entry into genuine price discovery in early November, a condition he called critical for XRP and other lagging altcoins to exhibit significant price movements.
He attached a chart illustrating a multi-year symmetrical triangle pattern, with XRP’s price consolidating within narrowing support and resistance lines since its peak in 2017. The chart shows that the digital asset recently broke out of this prolonged consolidation phase with its recent surge, signaling the beginning of a potential rally reminiscent of the 2017 bull run.
In March, a few months after the market-shaking Bitcoin ETF approval, Bitcoin rose to a new all-time high of almost $70,000. However, this run was short-lived, and Charting Guy described it as a fake breakout. He asserted that the genuine breakout of Bitcoin recently, which sent it above the $100,000 level, has set the stage for XRP’s recent upward trajectory.
The analysis draws direct comparisons to XRP’s behavior during the 2017 cycle, where its price escalated rapidly following a prolonged consolidation phase. Charting Guy believes that if XRP continues to follow this fractal, the cryptocurrency could reach $8 by January 2025. This projection represents a significant increase from XRP’s current price of around $2.3, as shown in the chart.
However, he also cautions that the path to higher prices may not be linear. Following the anticipated surge to $8, Charting Guy predicts several months of sideways trading, or “chop,” before XRP advances further. His long-term target aligns with the 1.618 Fibonacci extension, estimated at $26 by fall 2025.
The technical setup highlighted in the chart and his analysis highlight several factors that support XRP’s ongoing rally. The breakout was decisive, and the timing of the breakout aligns with Bitcoin’s sustained move into price discovery—a phase where its price surpasses all previous highs and attracts renewed investor interest.
If XRP adheres to the outlined fractal, the cryptocurrency could offer significant returns over the coming months, as the target of $26 represents a massive 1,030% increase for the digital asset. Notably, other experts have predicted that the digital asset could reach targets as high as $27 in January, with more to come in 2025.
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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