XRP on the Way to $14: Technical Setup Strengthening Similar to 2017 Bull Flag
With technical indicators forming a pattern similar to the 2017 bull market, XRP is preparing for a rally that could potentially reach $14. However, for this scenario to materialize, it is critical for XRP to regain the 200-day simple moving average (SMA).
XRP Price is Consolidating Within a Bullish Flag
In recent weeks, the XRP/USD pair has been moving within a bullish flag formation on weekly charts. While the price fluctuates between $2.05 and $2.40, many technical analysts emphasize that this structure resembles the price movements before the strong rise in 2017.
Crypto analyst Mikybull Crypto noted that XRP's three-week chart resembles the structure that initiated the 2017 bull run. The analyst indicated on X (formerly Twitter), "I've seen this movie before. The 2017 vibe is coming back," suggesting a strong rise may be on the way.
A bullish flag typically forms after a brief consolidation following the previous rally (flagpole) and continues with a breakout of the triangle formation. If this breakout occurs in XRP, it points to a technical target of $14 — which means an increase of approximately 530% compared to the current price.
Some analysts argue that based on Fibonacci extensions and Elliott Wave analysis, XRP could rise to $27. On the other hand, a potential approval of a spot XRP ETF in the US is considered a new catalyst that could push the price to $25.
Critical Level for Rise: 200-Day SMA
The key point of XRP's upward potential is regaining the 200-day simple moving average. With the recovery that started on April 10, the RSI (Relative Strength Index) rose from 29 to 52. This indicates that buying pressure is gradually returning.
Bulls are currently attempting to surpass the 50-day SMA at the $2.27 level. However, the main resistance is concentrated around the 200-day SMA, which lies in the $2.37 to $2.65 band. A breakout above this area could pave the way for XRP to enter an upward trend reaching $3.00 and even its all-time high of $3.31.
A permanent price close above the resistance of $2.65 will signal a strong recovery in XRP and reinforce long-term investor confidence in the market.
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