Technically, XRP could be destined for glory
Right now, some bold predictions about XRP are circulating.
We will start with a cryptocurrency analyst, Mikybull Crypto: "Rally vibes from 2017 are coming."
Back then, XRP emerged from its bottomless pit with the fury of an angry hippopotamus, soaring from a five-cent coin in February 2017 to over $3 in January 2018. According to Cointelegraph, various unconventional methods, such as chart fractals, Elliott wave analysis, and Fibonacci extensions, suggest that XRP could skyrocket more than 1000% to $25.
Mikybull Crypto is based on a technical setup known as a bullish pennant. These pennants typically develop like this: the price of an asset rises sharply, forming a flagpole; then it consolidates into a small symmetrical triangle (the pennant).
"Bullish pennants generally resolve after the price breaks above the triangle's resistance line and rises to the height of the previous bullish trend," explained Cointelegraph, pointing to a possible bullish trend (if history serves as a guide) in which XRP rises more than 500% to $14.
The first step on this path would involve XRP breaking the resistance of $2.65. XRP has not reached that mark since early March.
