Renowned crypto analyst Jaydee has uncovered compelling insights that point to a potential bullish scenario for XRP price. Drawing from historical charts, Jaydee has closely examined key indicators such as the Moving Average Convergence Divergence (MACD) and Average Directional Index/Directional Indicators (ADX/DI) crosses, which have historically preceded substantial price surges for XRP.
The MACD, a trend-following momentum indicator, is instrumental in identifying potential shifts in an asset’s trend. On the other hand, the ADX calculates the strength of a trend, whether it is bullish or bearish, while the DI lines signify the trend’s direction.
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Jaydee has particularly recognized a pattern that occurs when the MACD line closes above the signal line in the monthly timeframe, further supported by a cross in the ADX/DI indicator. A notable confirmation of bullish momentum is when the MACD closes above the zero level.
Highlighting the current situation, Jaydee stresses that the ADX/DI and MACD indicators are showing indications of confirming bullish crosses. It is worth noting that previous instances where similar confirmations led to remarkable gains for XRP, ranging from 12 times to an astonishing 634 times within a year.
#XRP – Monthly close tonight! On the MACRO (long term view), ADX/DI and MACD is looking to have that confirmed monthly close.
Last time after confirmation, $XRP 17x – 634x in price within a year!
RETWEET/LIKE for confirmed updates tonight or tomorrow minus all "narratives"🤦♂️! pic.twitter.com/trUU4TUuLf
— JD 🇵🇭 (@jaydee_757) July 31, 2023
Historical Data Reveals XRP’s Previous Surges
Reviewing data from the monthly chart, it becomes evident that XRP had experienced significant rallies in the past following this pattern. Notably, from December 2013 to February 2017, the asset endured a prolonged downtrend lasting four years.
However, an extraordinary breakout ensued after this period, catapulting XRP to a staggering all-time high of $3.3170 in January 2018—a remarkable surge of 63,400%. This momentous rally unfolded precisely 306 days after the MACD and ADX/DI crosses.
Following this all-time high, XRP entered another extended downtrend that persisted for two and a half years, until October 2020. Interestingly, after the MACD and ADX/DI crosses occurred again in October 2020, XRP underwent a substantial reversal similar to the one witnessed in 2017. Over the course of 365 days, XRP surged by 1,200%, peaking at $1.9669 in April 2021.
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— TimesTabloid (@TimesTabloid1) July 15, 2023
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Current Downtrend Holds Potential for XRP Breakout
XRP finds itself currently caught in a two-year-long downtrend. Jaydee’s charts and analyses suggest the possibility of a breakout akin to the ones experienced in 2017 and 2020, potentially leading to new highs in 2024 or 2025.
In a follow-up tweet, Jaydee specifically underscores the similarities between the present market structure and the one observed prior to the significant upward movement in 2017. However, according to Jaydee, short timeframes often give false signals, warranting caution when interpreting the data. Despite the resemblances, Jaydee refrains from drawing immediate conclusions.
#XRP – are we copying that move similar to 2017 before that next impulse move up?
Although short timeframes (daily) have lots of false signals, we can't deny similar structures compared to 2017..
Retweet/Like for more $XRP updates!
MAJORITY will get REKT AGAIN as always!… pic.twitter.com/JH3vqUXlWM
— JD 🇵🇭 (@jaydee_757) August 1, 2023
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If XRP replicates the scale of the rally witnessed in 2017, the asset could potentially surge by an extraordinary 63,400% at the indicated time, possibly propelling XRP’s price to a remarkable $438. However, Jaydee remains cautious and refrains from making specific price predictions.
Jaydee’s updated chart also indicates a possible textbook retest of the current two-year trendline, establishing it as a support level before any potential breakout occurs. Nonetheless, uncertainty remains regarding the timing and outcome of such a move.
Significantly, the analyst notes that historically, it took approximately a year for XRP to reach its previous all-time highs after breaking market structures. Therefore, Jaydee suggests the possibility of witnessing the resurgence of all-time highs for XRP in the coming year.
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