Analyst: Prepare for a 530% XRP price breakout to $14 if this happens

XRP traders say it has the potential to rally to $14 if a technical setup similar to that in 2017 plays out, but a bull pennant breakout will be needed soon.

Cointelegraph

Analyst: Prepare for a 530% XRP price breakout to $14 if this happens

XRP traders say it has the potential to rally to $14 if a technical setup similar to that in 2017 plays out, but a bull pennant breakout will be needed soon.

Analyst: Prepare for a 530% XRP price breakout to $14 if this happens

Market Analysis

COINTELEGRAPH IN YOUR SOCIAL FEED

Key takeaways:

Analysts predict XRP could rally 530% toward $14.

The XRP/USD pair needs to reclaim the 200-day SMA to continue the uptrend.

XRP’s price has been trading between $2.05 and $2.40 over the last month while consolidating in a bull pennant in the weekly time frame.

Several analysts say the current technical setup mirrors the 2017 price action that preceded a massive breakout to all-time highs.

XRP price eyes a 530% rally into double-digits

XRP

XRP

$2.15

price has been consolidating below $3.00 since Feb. 1. Still, analysts argue that it could see a massive recovery from the current level if it follows a breakout like it did in 2017.

XRP bulls are focused on breaking the resistance at $2.27 — the 50-day simple moving average (SMA).

The bullish case for the altcoin hinges on turning the resistance between $2.37 (the 200-day SMA) and $2.65 into new support.

A close above this level will signal another escape break above the 50-day SMA, paving the way for a return to $3.00 or the seven-year high above $3.31.