XRP Price Holds Strong Above $2.05 — Is a Bull Run Coming?
XRP Price – XRP’s price has been trading between $2.05 and $2.40 over the past month, forming a bull pennant pattern on the weekly chart—a technical setup often signaling a continuation of an upward trend. Analysts note this pattern closely mirrors XRP’s price action in 2017, which preceded a substantial breakout to all-time highs.
Historical Parallels Hint at Major Upside
Crypto analyst Mikybull Crypto highlighted that the current three-week price movement resembles XRP’s 2017 breakout scenario. Back then, a bull pennant breakout led to an explosive 1,300% rally, pushing XRP to approximately $3.40. He remarked, “I have seen this movie before… 2017 rally vibes coming up,” underscoring the similarity in chart formations.
A bull pennant typically forms after a sharp price increase—the “flagpole”—followed by consolidation into a small symmetrical triangle, known as the “pennant.” The pattern usually resolves when price breaks above the pennant’s resistance, often climbing by the same height as the initial rally. For XRP, this projects an upside target near $14, representing a 530% increase from current levels.
Other analysts have predicted even more bullish targets, with some forecasting XRP could reach $27 using Elliott Wave and Fibonacci analysis. Meanwhile, optimism around a potential spot XRP ETF approval in the US fuels expectations for a price surge as high as $25, translating to an 1,100% rally.
Key Moving Averages Define Critical Resistance and Support Levels
XRP’s upward momentum has been developing since April 10, with the Relative Strength Index (RSI) climbing from oversold levels near 29 to 52, indicating growing bullish momentum. The immediate hurdle is breaking the 50-day Simple Moving Average (SMA) at $2.27.
More importantly, XRP must reclaim the 200-day SMA near $2.37 and surpass resistance up to $2.65 to confirm a sustained breakout. Clearing these levels could pave the way for a return to $3.00 and even challenge the seven-year high above $3.31.
As reported by Cointelegraph, a decisive break above $2.65 could trigger a strong recovery phase, potentially sending XRP price well beyond $3.00, signaling renewed confidence among investors.
Disclaimer: This article is for informational purposes only and does not constitute investment advice. Cryptocurrencies and stocks, particularly in micro-cap companies, are subject to significant volatility and risk. Please conduct thorough research before making any investment decisions.
