Crypto analyst Steve Courtney says the XRP Stoch RSI currently shows promising momentum. He identifies a similar bullish pattern to the 2013-2017 setup.
XRP has dropped considerably since it claimed the $0.7440 high on March 11. The crypto asset closed March 11 with a massive 18% surge, ending the day above the $0.72 price level. However, XRP faced a sharp retracement from the next day.
The cryptocurrency continued to decline as the ongoing correction coincided with the start of the latest market downturn. As Bitcoin (BTC) collapsed below the $65,000 mark, XRP also recorded steeper declines. Nonetheless, analysts remain optimistic.
One such analyst is Steve Courtney, a veteran trader with over two decades of experience and founder of the Crypto Crew University. In a recent analysis, Courtney emphasized that XRP is tracing a symmetrical triangle it once witnessed before the 2017 bull run.
#XRP's Symmetrical Triangle pattern from 2013-2017 resulted in a 58431% increase. 🚀💰
Will the current 6-year pattern follow suit? 🤔
The #StochRSI shows promising momentum. 🏹
Don't miss out, give us a Like/Retweet for all the latest updates! #CryptoPower 💪 pic.twitter.com/CIo4zQdw3s
— Steve Courtney ~ Crypto Crew University (@CryptoCrewU) March 17, 2024
XRP Symmetrical Triangle Formations
Chart data shows that XRP formed the first symmetrical triangle following the drop from a high of $0.0614 in December 2013. After this slump, XRP continued to trade within the confines of the symmetrical triangle for three years and six months, recording lower highs and higher lows until March 2017.
XRP eventually broke out of the symmetrical triangle in March 2017, leading to impressive gains. Data from Courtney’s chart suggests that the crypto asset rallied 58,431% during the 2013 to 2017 market performance, culminating in the $3.31 ATH.
After reaching the ATH price, XRP recorded another retracement, which has resulted in the formation of a similar symmetrical triangle. XRP has traded within this symmetrical triangle for six years and two months, currently on the verge of hitting its apex point.
The asset witnessed two failed attempts at a breakout, with one coming up when it surged to $1.96 in April 2021 and the second involving the rally to $0.93 in July 2023. Both attempts were unsuccessful, as the bears mounted stern opposition at the downward trendline.
A Potential Breakout
Courtney believes XRP is looking to eventually break out of this triangle formation, with the Stochastic RSI flashing the same bullish setup recorded during the previous breakout from the past triangle.
The market analyst questioned if the market could record a similar 58,431% rally this time. With XRP’s current price of $0.6030, should XRP witness a massive 58,431% upsurge, its value would skyrocket to $352.94. This valuation represents an ambitious milestone for XRP.
Notably, while the cryptocurrency could record a breakout from this symmetrical triangle, the likelihood of clinching a three-digit price such as $352 is extremely low, given XRP’s current circulating supply. Nonetheless, the token has continued to command interest, with 24-hour volume up 122% to $4.2 billion.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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