Crypto V (@cryptovilian), a popular crypto analyst on X, has shared two compelling charts that suggest XRP is on the verge of a significant price rally. According to his analysis, XRP’s current price behavior closely mirrors its performance in 2017, signaling that the cryptocurrency could be primed for a breakout that may send its value soaring.
The 2017 Pattern Revisited
The first chart shared by Crypto V highlights XRP’s price movement in 2017. A key observation is the 20-day simple moving average (SMA), which briefly crossed above XRP’s price during its rise. This crossover triggered a massive rally that culminated in XRP reaching its all-time high. Crypto V notes that the same pattern appears to be repeating in 2024, where XRP is once again consolidating near the 20-day SMA after a notable upward movement in recent weeks.
Crypto V’s second chart compares the two periods, showing that the 20-day exponential moving average (EMA) has now crossed over XRP’s price, signaling the potential for a substantial rally ahead. This technical development has sparked a wave of bullish sentiment among analysts, with Crypto V predicting that XRP could see significant gains, potentially reaching a price range of $8 to $13.
Strong Market Sentiment Driving Expectations
XRP’s recent price movement aligns with historical patterns, strengthening the case for a bullish outlook. The 20-day SMA is a well-regarded technical indicator that helps traders identify short- to medium-term trends. When an asset’s price stays above this moving average, it is often seen as a sign of continued upward momentum. Both in 2017 and now, XRP’s price behavior follows this trend, suggesting a similar outcome to its previous rally.
In addition to the technical signals, market sentiment is also playing a significant role in XRP’s potential rise. The cryptocurrency has gained renewed attention, especially after Donald Trump’s victory in the U.S. presidential election and the announcement that Gary Gensler, the SEC Chairman, will resign in January 2025. These political developments are fueling optimism in the market, further increasing the likelihood of XRP’s breakout.
Is XRP on the Verge of a Major Breakout?
With technical indicators aligning with historical trends and positive market sentiment building, many believe XRP is set to repeat its 2017 performance. As Crypto V and other analysts predict, XRP may soon experience a significant price surge, potentially reaching new heights. Investors will be watching closely as XRP’s price continues to evolve in the coming weeks.
Also Read: XRP Surges Above $2 as Whale Activity Sparks Price Speculation: What’s Next for Ripple?
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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