XRP Price Setup Mirrors 2017: The Price Action Hints at Massive Upside
Since February 1, the price of XRP has been steadily declining below $3.00. However, analysts contend that if it makes a breakout like it did in 2017, it may see a significant recovery from the current level.
According to cryptocurrency expert Mikybull Crypto, the three-week price movement of XRP seems to follow a trend from 2017. When XRP broke out of a bull pennant, it surged by almost 1,300%, reaching its highest point ever at about $3.40.
I have seen this movie before. 2017 rally vibes coming up.
XRP Price Prediction: Chart Patterns Point to Explosive 1,100% Rally
When the price makes a strong upward advance (the flagpole), pauses, and then consolidates in a tiny, symmetrical triangle (the pennant), a bull pennant occurs. The price breaking above the triangle’s resistance line and rising by the height of the preceding uptrend is usually when bull pennants resolve. This sets the price of XRP at $14, which is a 530% rise from its present level.
These analyses support earlier forecasts that XRP would hit $27 based on Fibonacci extensions, Elliott wave analysis, and chart fractals. Others claim that if a spot XRP ETF is authorized in the US, the price of XRP may increase by 1,100% to $25.
XRP Eyes $3 as Bulls Target Key Moving Averages Breakout
Bulls in XRP are aiming to break through the 50-day simple moving average (SMA) around $2.27. The 200-day SMA’s barrier between $2.37 and $2.65 must be turned into new support for the altcoin’s bullish thesis. The market might rebound to $3.00 or the seven-year high above $3.31 if it closes above this level, which would indicate another escape break over the 50-day SMA.
For more up-to-date crypto news, you can follow Crypto Data Space.
