key takeaways:
The price of XRP is trading between $ 2.05 and $ 2.40 as compared to the previous month, while the weekly deadline is integrated into a bull penant.
Many analysts say that the current technical setup reflects the value action of 2017 which was before a large -scale breakout at a high level of time.
XRP costs double digits at 530% rally
The price of XRP (XRP) is getting consolidated below $ 3.00 since February 1. Nevertheless, analysts argue that it can see large -scale recovery from the current level if it follows a breakout in 2017.
Crypto analyst Mikbul Crypto Said In the three-week time limit, the price action of the XRP follows the 2017 playbook, where a bull penant from a bull penant moved more than 1,300% above 1,300% to move around $ 3.40 at a high level of all time.
“I have seen the film before,” an analyst said on X in June 17 post:
“2017 rally is coming vibes.”
The value action of Altcoin follows a uniform setup on the weekly deadline, as shown below.
A bull penant is a rapid continuity setup that is made when the price makes a sharp move (flag pole) higher, then stops in a small symmetrical triangle and is integrated.
Bull penants usually are solved after the price breaks over the resistance line of the triangle and increases as the height of the previous uptrend. It keeps the upper target at $ 14 for the XRP price, or increases by 530% from the current value.
Connected: Trident Digital to make XRP Treasury up to $ 500m
These analysis align with the previous predictions of the XRP, which reach $ 27 based on chart fructal, Elliot Wave Analysis and Fibonacci extensions. Others say the price of XRP may rally from 1,100% to $ 25 if the XRP ETF is approved in the United States.
The XRP price needs to be rectified to 200-day SMA
XRP’s ability to transfer higher is part of a recovery started on 10 April and it was observed that the relative power index (RSI) increased to 52 at the time of writing from oversold conditions on 29.
The XRP bulls focus on breaking resistance to $ 2.27–50-day simple moving average (SMA).
The rapid case for Altcoin converts resistance between $ 2.37 (200-day SMA) and $ 2.65 into new support.
The level above this level would indicate another escape brake above an about 50-day SMA, which will pave the way for a return to $ 3.00 or seven years higher than $ 3.31.
As cointelegraph reported, breaking the resistance at $ 2.65 can begin a continuous recovery, which can see the XRP above $ 3.00.
There are no investment advice or recommendations in this article. Each investment and business move include risk, and readers should conduct their own research while taking decisions.
