In a recent analysis, renowned crypto market analysts JD and The Crypto Sniper have presented intriguing charts that hint at a significant rally for XRP, Ripple’s associated cryptocurrency, drawing parallels to its notable surge in 2017.
Can history repeat itself for Ripple’s associated cryptocurrency? Let’s explore the insights shared by these experts.
JD, a seasoned crypto analyst, meticulously examined XRP’s historical price movements and identified a compelling pattern. His observation reveals a symmetrical triangle shape in XRP’s chart from late 2013 to early 2017, akin to the precursor to the significant surge witnessed in 2017.
During this interesting period, XRP encountered resistance after a dip from its peak in December 2013, resulting in the formation of a symmetrical triangle.
Despite a drop in January 2017, XRP experienced a remarkable surge shortly after the capitulation event. The breakout from the symmetrical triangle propelled XRP to soar by an astounding 66,100%, surging from a low of $0.005 in February 2017 to a peak of $3.31 in January 2018
Now, JD sees a similar pattern, suggesting that XRP might be gearing up for another substantial price increase, despite recent underperformance compared to Bitcoin.
Read More: XRP Price Prediction: Analyst Expects a Drop and a Quick Rise
JD emphasizes the significance of the MACD indicator, highlighting its pivotal role in the 2017 breakout. The monthly MACD crossing above 0 during that period coincided with the surge. Now, JD predicts that a similar MACD cross could be the driving force behind the expected uptrend, adding an intriguing layer to the analysis.
Adding a twist to the narrative, the Crypto Sniper claims authorship of the analysis, creating a bit of controversy. Regardless, the consensus in their views reinforces the notion that XRP might be gearing up for a substantial rally.
Despite the positive projections, the current reality presents a slightly different picture. XRP is presently valued at $0.5307, reflecting a modest 1.28% dip in the last 24 hours. It’s noteworthy that the cryptocurrency has experienced a 15% decline year-to-date, in contrast to Bitcoin’s marginal 0.68% downturn within the same period.
This Might Interest You: Is This the Right Time To Buy Ripple (XRP)?
Is XRP really headed for a recovery? We will have to wait to find out.
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