XRP, the digital asset designed for cross-border remittances, has experienced a period of consolidation between $0.48 and $0.51 in the past week.
This stability comes amidst broader market uncertainty, yet XRP has managed to hold above the key psychological threshold of $0.50. While the immediate price trajectory for XRP remains unclear, several market analysts, including Cryptobilbuwoo, maintain a bullish long-term outlook.
Read Also: XRP Price Crashes to Zero on Poloniex Exchange. What happened? Details
Cryptobilbuwoo analysis highlights specific patterns on the XRP/USD and XRP/BTC charts that suggest a potential price upswing for XRP.
One key area of focus was a descending triangle on the XRP/BTC chart. This pattern reflects a period from 2015 to early 2017 when Bitcoin significantly outperformed XRP. However, a crucial shift occurred in early 2017. XRP broke free from the descending triangle and began to outperform Bitcoin.
This breakout was followed by a surge in XRP value, rising from a low of 0.00000479 BTC in February 2017 to a high of 0.00006110 BTC in March of that year. This uptrend eventually encountered resistance at the Fibonacci 0.618 level, leading to a price correction for XRP against Bitcoin.
Following this retracement, XRP continued to exhibit substantial growth, reaching a peak exceeding the 0.0002248 Bitcoin mark in May 2017. This price point coincided with resistance at the Fib. 1.618 retracement level.
Data from the XRP/USD chart corroborates these price spikes observed during this period. The initial surge in XRP’s value on the USD chart aligned with a breach of the Fib. 1.618 level. The subsequent climb towards its all-time high of $3.30 occurred after a break above the Fib. 2.382 level.
Current market movements appear to indicate that XRP might be echoing the same technical patterns observed on both the XRP/USD and XRP/BTC charts during the 2017 bull run.
On the XRP/USD chart, Cryptobilbuwoo anticipates a surge to $33, aligning with the Fib. 1.618 level. This would be followed by a consolidation period, eventually leading to a recovery rally that could propel XRP to $589.
However, it’s important to acknowledge that reaching $589 would necessitate a staggering over 116,000% increase from XRP’s current price of $0.505. Many market observers consider this target unrealistic.
Read Also: Analyst Says “XRP Is On The Verge of Something Big” with Bullish Charts
The $589 price target has previously garnered significant attention within the XRP community, with figures like former US congressional candidate David Gokhshtein advocating for this possibility based on Bitcoin’s market capitalization.
The near-term price direction for XRP remains uncertain. However, technical analysis suggests potential for a future upswing based on historical price movements. Furthermore, ongoing exchange outflows indicate continued investor confidence in XRP’s long-term potential.
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