Analyst points to a 530% increase in the price of XRP to $14 if this happens.
XRP traders say it has the potential to rise to $14 if a technical setup similar to that of 2017 materializes, but a breakout from the bullish pennant will be necessary soon.
👁️👁️👁️👁️👁️👁️👁️👁️👁️👁️👁️👁️
Analysts predict that XRP could rise 530%, reaching $14.
The XRP/USD pair needs to reclaim the 200-day simple moving average (SMA) to continue the upward trend.
The price of XRP has been trading between $2.05 and $2.40 in the last month, while consolidating within a bullish pennant on the weekly chart.
Several analysts claim that the current technical setup reflects the price movement of 2017, which preceded a major breakout towards historical highs.
The price of XRP aims for a 530% rally towards double digits.
has been consolidated below $3.00 since February 1. Still, analysts argue that it could show a strong recovery from the current level if it follows a breakout similar to that of 2017.
🚨🚨🚨🚨🚨🚨🚨🚨🚨🚨
Crypto analyst Mikybull Crypto stated that the price behavior of XRP on the three-week chart seems to follow the same script as in 2017, when a breakout from a bullish flag led to a movement of over 1,300%, reaching historical highs around $3.40.
"I've seen this movie before," said the analyst in a post on X from June 17, adding:
🔥🔥🔥🔥🔥🔥🔥🔥🔥🔥🔥🔥🔥🔥🔥🔥🔥🔥🔥
The price action of the altcoin follows a similar setup also on the weekly chart, as shown below.
A bullish flag is a bullish continuation pattern that forms when the price makes a sharp upward move (the flagpole), then pauses and consolidates within a small symmetrical triangle (the flag).
