A cryptocurrency analyst shared a technical analysis of the XRP price over a 4-hour timeframe. Currently, the XRP chart highlights different patterns of market behavior, indicating that historical price trends may be repeating. The analyst predicts that if the cryptocurrency can successfully replicate these bullish historical patterns, it could trigger an XRP rally.
XRP price patterns indicate bullish potential
Cryptocurrency analyst Richard (known as 'Signal Analyst') on TradingView stated that history is repeating itself on the XRP price chart. The analyst shared a detailed analysis report on XRP, predicting its future targets while analyzing key aspects of its current price movement.
Richard noted that the XRP 4-hour chart presents an interesting pattern characterized by lower lows and strong bullish momentum. The two red arrows marked 'LL' on the price chart indicate areas where XRP price created lower lows in mid-November, suggesting a correction or trend reversal. This declining trend was soon followed by a period of consolidation within a specific range in the chart's green area.
After experiencing lower lows and bearish momentum, Richard pointed out that the XRP price entered a correction phase, stabilizing within the aforementioned green area. Eventually, XRP broke through this green resistance range, triggering a bullish impulse that pushed the cryptocurrency to its previous price high of $1.5.
Despite XRP's price retracing again, trading at around $1.4 earlier this week, Richard emphasized that the cryptocurrency seems to be repeating the aforementioned historical trends. Its price has entered a new consolidation phase slightly below $1.53, signaling the beginning of the next bullish movement.
If the XRP price repeats this pattern and breaks through the $1.53 threshold, the analyst believes this will validate the expected bullish impulse position for XRP and pave the way for a potential rise to the psychological level of $2.
Analysts believe that the XRP price of $1.4 is worth buying
Steph, a cryptocurrency analyst from X (formerly Twitter), believes that the price of XRP at $1.4 is a bargain. After breaking through $1.5 earlier this month, XRP's price experienced a slight trend reversal, dropping back to $1.4.
Steph revealed that the XRP price at $1.4 is a great buying opportunity for investors as it is set to start breaking upwards. Regarding the predicted breakout, the analyst appears to be correct as the XRP price is currently at $1.6, up 8.7% in the last 24 hours.
Although XRP continues to maintain its growth momentum, Steph predicts that this cryptocurrency could soon experience explosive growth to $50. Given this bullish scenario, Richard urges investors to start buying XRP to avoid further adoption pushing its price into the 'very expensive range' between $22 and $120.
