👉👉👉 #triangle Formation That Sparked The 2017 $XRP Rally Returns, What’s The Target?
XRP Price Triangle Formation Hints at Potential Rally
The XRP price is forming another triangle pattern on its chart, suggesting a possible upcoming rally. Notably, a similar pattern led to a significant rally seven years ago. If history repeats itself, XRP could be poised for a bullish surge.
Triangle Formation Indicates Bullish Continuation
Crypto analyst #TradingShot highlighted on TradingView that XRP is displaying another triangle formation. This pattern is supported by several bullish indicators that have emerged.
Key indicators include the price closing below its 1W MA50 and 1W MA200. While this might initially appear bearish, it often signals a buying opportunity as investors start re-entering at lower prices. This is further corroborated by the 1W RSI dropping to 40.00, a level historically associated with buying opportunities.
Additionally, TradingShot notes that XRP is currently testing the bottom with the higher lows trend line. These factors together have created a triangle structure reminiscent of the one observed between 2013 and 2017.
This triangle pattern is significant because the last time it appeared in 2013 and broke out in 2017, XRP surged to new all-time highs. Thus, the current appearance of this structure could indicate the beginning of another bullish trend, potentially pushing XRP’s price to new highs.
Potential Price Movement
If XRP follows the 2013-2017 trend and a breakout occurs, the price could reach a new all-time high. However, for this bullish trend to be confirmed, the price must break above the 1W MA200, according to TradingShot.
In such a scenario, TradingShot projects the price could climb as high as $4.5, representing an over 800% increase from its current price of $0.47.
XRP's current price is $0.47, lower due to the SEC lawsuit. Enthusiasts recall its 75,000% surge in 2017/2018, briefly ranking it second to Bitcoin, ahead of Ethereum.
Source - newsbtc.com
