The XRP community was surprised by the sudden cancellation of a closed-door SEC meeting scheduled for July 18th. With no official explanation provided, speculation ran rampant within the market. Some believe it could be linked to the upcoming launch of spot Ethereum ETFs, potentially impacting XRP’s short-term price movement.
The news triggered a correction, with XRP dropping to $0.58, an 8% decline. However, a 20% increase in trading volume over 24 hours indicates continued investor interest.
Technical Analysis Hints at a Bullish Repeat?
Crypto analyst Javon identified a striking technical pattern in XRP’s price movement, suggesting a potential breakout reminiscent of the epic 2017 bull run. The chart reveals two significant symmetrical triangle formations. The first, spanning 2014-2017, saw a breakout that propelled XRP from $0.005 to a staggering $3.35, a monumental 42,790% increase. This historical pattern mirrors the current triangle formation, which has been developing since 2018.
A Potential 42,000% Echo?
If history repeats itself, a breakout from the current triangle could trigger another substantial rally. Javon forecasts a price target exceeding $237, a mind-blowing 42,264% increase from current levels. This projection aligns with the dramatic gains seen in 2017, potentially placing XRP in the $100 range.
Supporting this analysis is the volume chart, highlighting periods of high trading activity during previous breakouts. A similar surge in volume could accompany the expected breakout, amplifying the momentum.
Current Technical Outlook, Support and Resistance Levels
Currently, XRP sits above its 100-hour SMA (Simple Moving Average), with a bullish trend line emerging for support near $0.5820. This coincides with the 50% Fibonacci retracement level.
On the upside, XRP faces resistance near $0.62, with primary resistance at $0.6350. A decisive break above $0.6420 could propel the price towards the $0.65 resistance zone and beyond. Conversely, failing to surpass the $0.620 resistance could trigger a downside correction.
The Verdict: Speculative Optimism with Measured Caution
The cancelled SEC meeting introduced short-term volatility, but the underlying technicals suggest a potential for significant gains. While Javon’s 42,000% increase is an ambitious target, a substantial price rise remains a possibility if the breakout materializes. As always, investors should conduct their own research before making any investment decisions.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
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