Monday, December 5, 2022
HomeCrypto NewsMarketXRP Price Position Similar to That of 2017, 790% Rise Incoming?

XRP Price Position Similar to That of 2017, 790% Rise Incoming?

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XRP appears to have revisited a pattern noticed in May of 2017, with a looming propitious move.


XRP recently staged a massive rally that not only surprised the entire crypto community but pumped the asset above multiple resistance points. With this rally came a renewed interest in the asset, bullish sentiments surged, and trading volumes peaked. 

XRP’s rally has sparked mixed reactions. Among the analysts rooting for the asset is pseudonymous pundit Egrag Crypto, who recently highlighted the similarity between XRP’s current price and its price in 2017.

Egrag pointed out the pattern through Twitter as he shared his analysis on an XRP monthly chart. According to him, his decision to use a monthly chart is influenced by the fact that technical analyses on monthly charts help to sieve out the noise and bring to attention the bigger picture.

Egrag’s analysis revealed that XRP is currently in a similar price position as it was in May of 2017. The current XRP price of $0.47 coincides with the value of the asset’s position in May of 2017. Egrag drew two trendlines – TL1 and TL2 – to drive home his ultimate point.

XRP managed to close above TL1 in May of 2017 before seeing a decline the next month. Its surge in May followed two bullish candlesticks from March and April, which propelled the asset’s rally. Notwithstanding, the rally met some resistance after May in 2017. 

XRP spent five months in a bearish pattern before staging another breakout in November 2017. The rally engine then pumped XRP to its ATH of $3.84 in January 2018. Egrag believes the asset could follow a similar pattern if it closes above the TL1 this September. 

“closing above the TL1 this Month is super #Bullish. Future Targets hitting Fib Channel 0.702 (moving Target)” he noted, implying a future resistance point of $0.702 for XRP as he sets a target at the spot.

790% Increase:

EGRAG shared another chart where he compared the XRP price to 2014, expecting a 790% pump.

 

Additionally, another analyst highlighted an appealing position for investors to place long positions on XRP comfortably. A close-up chart of the asset shows a downtrend from the asset’s peak at $0.54 on September 23.

Following the peak, XRP has so far seen a persistent decline, resulting in a downtrend despite a series of occasional gains. According to the analyst, investors can place long positions on XRP should the asset successfully break out of the recent downtrend. However, it is noteworthy that this is speculative and should not serve as financial advice.

XRP currently trades at $0.475 as of press time, up 1.14% in the past 24 hours. Despite the fall from the $0.54 peak of September 23, the asset has held up quite well over $0.46, solidifying its station above the support. XRP has gained by 24.82% in the past week, making it the highest-gaining asset on the Top 100 list.

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Albert Brown
Albert Brownhttps://thecryptobasic.com/
Albert Brown is a cryptocurrency investor and journalist who has been in the nascent space since 2017. His love and passion for technological innovations made him delve deeper into the world of blockchain and cryptocurrencies. As a journalist, Brown has written on several crypto-related topics that have been referenced by popular industry players like Tyler Winklevoss, Binance CZ, etc.

Disclaimer: The content is for informational purposes only, may include the author's personal opinion, and does not necessarily reflect the opinion of TheCryptoBasic. All Financial investments, including crypto, carry significant risk, so always do your complete research before investing. Never invest money you cannot afford to lose; the author or the publication does not hold any responsibility for your financial loss or gains.

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