Following a massive surge to over $0.7 in early March, XRP faced a sharp correction, mirroring a broader market downturn. However, some analysts remain optimistic about the digital asset’s future potential.
One such analyst is Steve Courtney (@CryptoCrewU), a veteran trader with over two decades of experience. Courtney identifies a technical indicator, the Stochastic RSI that suggests promising momentum for XRP. This momentum indicator resembles a pattern observed before its significant price increase in 2017.
#XRP's Symmetrical Triangle pattern from 2013-2017 resulted in a 58431% increase. 🚀💰
Will the current 6-year pattern follow suit? 🤔
The #StochRSI shows promising momentum. 🏹
Don't miss out, give us a Like/Retweet for all the latest updates! #CryptoPower 💪 pic.twitter.com/CIo4zQdw3s
— Steve Courtney ~ Crypto Crew University (@CryptoCrewU) March 17, 2024
Read Also: Analyst Says XRP Is on the Verge of a Major Breakout. Here’s why
XRP’s Symmetrical Triangle and 2017 Bull Run
To understand Courtney’s analysis, it’s crucial to examine XRP’s historical price movement. The digital asset entered a prolonged period of consolidation within a symmetrical triangle formation after reaching a high of $0.0614 in December 2013. This triangle, characterized by converging trendlines, typically precedes a significant price breakout. For XRP, this consolidation period lasted three years and six months.
The much-anticipated breakout from the triangle in March 2017 marked the beginning of a remarkable bull run for XRP. According to Courtney’s analysis, the token witnessed a staggering 58,431% surge during this period, reaching an all-time high of $3.84 in January 2018. However, this upswing was followed by a correction, leading to the formation of another symmetrical triangle.
XRP’s Current Triangle and Potential Breakout
XRP has been trading within another symmetrical triangle for over six years. The chart shared by Courtney suggests the token is nearing the apex point of the triangle, a critical juncture that often precedes a breakout. Recall that another prominent analyst has identified a similar triangle formation and expects a breakout soon.
However, Courtney highlighted XRP’s two failed breakout attempts on the chart. The first was in April 2021, when it reached $1.96. The second was in July 2023 at $0.93. Both attempts were thwarted by strong resistance, and XRP continued its consolidation.
Read Also: XRP to $412? Top Analyst Shares Historical Path To 75,000% Rally
Despite the failed breakouts, Courtney believes XRP is poised for a potential breakout from the current triangle. Notably, the Stochastic RSI is exhibiting a similar bullish pattern observed during the breakout from the previous triangle in 2017. This technical indicator suggests that XRP might be nearing the end of its corrective phase and could be on the verge of a significant upward move.
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XRP’s Next Surge
The question is can XRP replicate the immense gains witnessed in 2017? Many believe XRP’s time has come, and a successful breakout from the triangle could still lead to substantial price appreciation. The digital asset is currently trading at $$0.6359, and a 58,431% surge will send the digital asset to an unprecedented $371.
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