Breaking! Is the price of $XRP about to repeat the myth of skyrocketing in 2017?
XRP has recently become the focus of the cryptocurrency world again, but this time it's not just because of Ripple's news. The chart pattern of XRP is particularly reminiscent of when it skyrocketed to its historical high of $3.80 in 2017.
Let's first take a look at XRP's performance over the past year, which has been quite impressive, with an increase of over 350%. However, in the last month, it has dropped by 6%, but many people feel that this is not a big deal, and it might just be preparing for the next big surge.
If we extend the timeline and look at the weekly chart, that familiar feeling comes back. In 2017, XRP first rose to $0.40, then took a break in the summer, and then shot up like a rocket to $3.40. This year, in January, it suddenly rose to $3.31, and then started to cool down slowly. Now, XRP's price is at $2.23, and it seems to be starting to rise again, but the risks this time are much greater than before.
Of course, past performance does not guarantee future results. However, technical indicators show that XRP is currently in a bullish flag formation. If trading volume and upward momentum can align, it is very likely to usher in a wave of significant increase.
Looking at the daily chart, XRP is getting tighter between support and resistance levels. Bullish individuals believe that this squeeze is likely to break upwards.
Another important thing is the XRP ETF applications. There are currently several XRP ETF applications in progress, and if approved, they could attract a wave of institutional funds, just like the Bitcoin ETF did earlier this year.
Ripple is also actively promoting its cross-border payment system, continuously seeking new partners, expanding into new countries, and developing new use cases, all of which could potentially provide new momentum for XRP.
Get ahead by positioning in potential coins, tap the profile picture to follow, and keep up with my rhythm to make a fortune in this round of the bull market!
