Ripple (XRP) might be getting ready to pull a huge rally like it did in 2017. The prediction by the prominent analyst comes at a time when the crypto market is bleeding hard. Let us find out why the analyst believes XRP might do so.
Echoes of 2017: A Bullish Case for XRP
$XRP It might pull a huge 2017 rally given the current PA path is followingThe sentiment surrounding it is bleak, which made me believe such a scenario can occur. pic.twitter.com/Y9mArz0uHG
— Mikybull Crypto (@MikybullCrypto) July 3, 2024
Cryptocurrency analyst Milkybull Crypto has shared the similarities between XRP’s current price action and its 2017 bull run behavior.
The analyst notes that the current market sentiment surrounding XRP is notably bleak. He stated that it is a factor that strengthens their belief in an impending rally.
Technical Analysis Supports Bullish Outlook
$XRP is testing key support at $0.46 . If it holds, we will see a bullish reversal towards $0.57 and then to $2.00 and beyond! RSI is showing potential for HUGe upward MOVE coming soon!! #XRP pic.twitter.com/6rZmRA4lxt
— Armando Pantoja (@_TallGuyTycoon) July 4, 2024
Supporting the bullish outlook for XRP, analyst Armando Pantoja has provided a detailed technical analysis:
Key Support Level: XRP is currently testing a crucial support level at $0.46. This price point is seen as a pivotal area that could determine the token’s short-term trajectory.
Bullish Reversal Targets: If the $0.46 support holds, Pantoja predicts a bullish reversal with initial targets at $0.57, followed by a more ambitious goal of $2.00 and beyond.
RSI Indicator: The Relative Strength Index (RSI), a momentum indicator used to assess overbought or oversold conditions is at 33, reflecting that the price is close to an oversold state and could reverse soon.
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This technical analysis provides a roadmap for XRP’s potential price movement, offering specific levels for traders and investors to watch.
As XRP tests key support levels and analysts draw parallels to its historic bull run, the coming weeks will be crucial in determining whether these bullish predictions materialize.
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