Analyst: XRP Bullish Pattern With 63,000% Rally Precedence Is Forming

The crypto market has witnessed a surge in recent months. With prominent players like Bitcoin and Ethereum experiencing significant price hikes, XRP has remained stagnant at around $0.5. At the time of press, XRP is trading at $0.5255, down 0.6% over the past week and 0.65% over the past month.

However, a wave of optimism is brewing among analysts who believe a significant price increase for XRP could be imminent. A huge proponent of this optimism is Javon Marks (@JavonTM1), who has spotted a key technical indicator that can change XRP’s trajectory.

Read Also: Market Strategist Spots XRP Hidden Bull Divergence, Predicts 36,000% Rally to $200

The Hidden Bullish Divergence

Marks points out that XRP has been holding within a specific resistance zone for several months, forming a hidden bullish divergence setup. According to Markshis, the pattern is similar to the one observed in 2017, which preceded a staggering 63,000% price increase for XRP within a year.

Cobb (@AlexCobb_), another prominent analyst recently spotted the same pattern, stating that XRP is cooking up a historic move. Adding to the bullish sentiment, other analysts have pointed to historical similarities between the current price level and those observed in 2017 and 2020. Both instances were followed by significant price rallies, suggesting a potential repeat performance.

Cryptoes (@Cryptoes_ta), one of these analysts, emphasizes that XRP has been respecting weekly support, hinting at a potential big move soon.

How XRP Can Capitalize on the Bullish Momentum

Beyond technical analysis, factors within the XRP ecosystem also fuel speculation of an impending bull run. The Relative Strength Index (RSI) is a technical indicator that measures the speed and magnitude of price movements. It also helps assess if a token is overbought or oversold.

The RSI typically ranges from 0 to 100, with values above 70 suggesting a potential for correction. Notably, XRP’s RSI has remained below 70 for the past two weeks.

Read Also: Analyst Spots XRP Buying Opportunity Amidst Bearish Divergence

EGRAG CRYPTO (@egragcrypto), one of the top crypto analysts in the XRP community, recently showed that the digital asset hit the lowest RSI in its history, hinting at a massive trend reversal and price increase.

Perhaps the most significant factor influencing XRP’s future trajectory is the ongoing lawsuit between Ripple and the U.S. Securities and Exchange Commission (SEC). The legal battle is currently in its remedies phase, and a positive resolution could significantly boost investor confidence, potentially triggering a price surge. Almost all reputable analysts agree that an XRP Bull Run is coming. Investors just need to wait out the storm.

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