XRP has recently experienced a pullback after a remarkable surge to a multi-year high of $3.40. This uptrend, however, has stalled as the cryptocurrency faced a nearly 25% drop, with the price currently sitting at $2.50. Analysts have noted that the ongoing price action of XRP mirrors its behavior in 2017, leading many to wonder: could XRP replicate its past 1,500% rally?
XRP’s Potential for a 1,500% Rally
Technical analysis suggests that coin may be setting up for another explosive run. The cryptocurrency recently touched a key support level, known as the purple foundation, while maintaining its position above the bull market support band (BMSB). This setup echoes the 2017 cycle when coin retraced to similar levels before skyrocketing by 1,500% in just four weeks, reaching Fibonacci 1.618.
In that rally, XRP surged from around $3.40 to record highs, and analysts now speculate that if history repeats itself, XRP could follow a similar trajectory. The current rally, starting at $1.71, has the potential to send XRP toward the $27 mark, aligning with Fibonacci projections.
XRP ETF Speculation Fuels Optimism
Another factor fueling optimism is growing speculation around a potential spot XRP ETF. With a high probability of approval from the SEC, institutional interest in coin is intensifying. Similar ETFs for Bitcoin and Ethereum have already bolstered investor confidence in cryptocurrencies, and coin could benefit from this trend. A successful ETF launch would likely result in a significant price boost, further driving XRP’s momentum.
Support and Resistance Levels to Watch
As of Thursday, coin is trading at $2.28, reflecting a 1.20% decline in the past 24 hours. The asset faces resistance at $3.00 and $3.50, while support is observed at $2.00 and $1.50. If XRP can break through these resistance levels, it could rally back toward its previous highs.
In conclusion, while XRP’s price may mirror its 2017 rally, a 1,500% surge depends on broader market conditions. Investors will closely monitor support and resistance levels to gauge XRP’s next move.
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.
Also Read: XRP Eyes Historic Golden Cross Against Bitcoin, $5 Price in Sight?
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