Dark Defender spots a weekly bullish hammer candle on the XRP chart.
A similar pattern preceded XRP’s exceptional rally in 2017.
XRP was one of the best-performing cryptos during the 2017 bull run.
An XRP enthusiast, known as Dark Defender on X (formerly Twitter), has spotted a crucial technical pattern on the XRP weekly chart: a rare bullish hammer candle observed during one of the most historical moments in the cryptocurrency’s past.
X: #XRP only had this type of weekly bullish hammer candle in March 2017.It was just 3 weeks before the XRP Run. pic.twitter.com/wGujRv8IK8
— Dark Defender (@DefendDark) August 6, 2024
Dark Defender considers the recently formed chart pattern a significant bullish signal, citing the pattern’s historical impact on XRP’s price. According to the analyst, the Ripple-linked crypto had this type of weekly bullish hammer candle in March 2017, three weeks before the XRP run.
Notably, XRP’s 2017 bull run started in March, with an initial surge that saw the altcoin rally over 1,400% in about seven weeks. The price consolidated after the initial surge, with the cryptocurrency moving sideways for about six months before the much-talked-about XRP bull run of late 2017 that saw the altcoin rally 1,556% in less than four weeks.
Counting from the March 2017 price push to XRP’s peak in January 2018 reflects a 26,000% rally for the altcoin, which surged from a $0.00750 low to $3.317, making it one of the most profitable cryptocurrencies of the 2017 bull run.
The current bullish hammer spotted by Dark Defender emerged after XRP bulls successfully resisted a price decline that saw the altcoin drop from $0.65808 to $0.43128 during a recent crypto market crash. XRP has since recovered and is currently trading at $0.51181, according to data from TradingView.
Judging from historical behavior, XRP supporters would expect the altcoin to pick up from its current level and rally significantly in the coming weeks. However, users remain concerned about the ongoing battle between Ripple and the SEC.
A favorable outcome for Ripple in this lawsuit could further support an XRP rally, as investors believe it would open new doors for adoption, particularly within the U.S. digital asset market.
The post XRP’s Bullish Hammer: Can it Overcome the SEC Hurdle? appeared first on Coin Edition.
