An analysis by analyst Steph is Crypto highlights XRP’s price movements, comparing them to the token’s historic 2017 rally. The analysis points to technical patterns and historical data, suggesting the possibility of XRP reaching new heights in the coming months.
The analyst identifies similarities in XRP’s market behavior now and its movements before the explosive 2017 rally. According to Steph, XRP made a higher low on the weekly chart, a bullish indication that came before a 6,600% spike in 2017. Moreover, the present phase of sideways consolidation is similar to the correction that preceded XRP’s previous price rise.
Key technical factors include a double-bottom formation on the monthly chart. The analyst points out that XRP has broken above the neckline at $1.96, a move historically associated with continued upward momentum. Breaking through long-term downward resistance, a condition that preceded the 2017 rally, further strengthens the bullish outlook.
XRP Price Targets and Historical Benchmarks
The video outlines ambitious targets for XRP, speculating that history could repeat itself. If XRP mirrors its 2017 trajectory, it could potentially reach $157 in the coming months. While noting the speculative nature of such a surge, the analyst suggests a more conservative target around $30 based on current technical signals.
The projection is supported by the resemblance between XRP’s ongoing consolidation phase and its 2017 pre-rally structure. While the analyst cautions against assuming exact replication of past performance, they emphasize the possibility of substantial gains even if the rally achieves a fraction of the previous growth.
Read also: Expert Says ‘Big BONK Move Coming,’ Predicts Memecoin Could Rally 500%
XRP Technical Indicators Signal Bullish Momentum
Key technical signals strengthen the case for a potential rally. The formation of a double-bottom pattern and the breakout above downward resistance are identified as bullish developments. These patterns suggest that XRP is building momentum for an upward trend.
The analyst also explains the importance of consolidation, stating that sideways movement often precedes significant upward price action. This pattern, coupled with the break of resistance, closely resembles conditions before the 2017 rally. At press time, XRP traded at $2.42, up over the last day and week.
XRP’s Utility and Market Potential
The analysis addresses concerns about XRP’s market cap and valuation. The analyst argues that XRP’s utility within cross-border payments positions it uniquely for growth, independent of traditional market cap constraints. They suggest that XRP’s use case and adoption could justify higher valuations in the long term.
While optimistic, the analyst advises traders to remain cautious. They recommend locking in profits during upward movements and stress that market structures are subject to change.
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