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XRP investors assert it possesses the ability to surge to $14 if a technical arrangement akin to that in 2017 unfolds, though a bullish pennant breakout will be necessary soon.
XRP’s price has fluctuated between $2.05 and $2.40 over the past month while solidifying in a bullish pennant in the weekly timeframe.
Many analysts believe the current technical structure reflects the 2017 price movements that preceded a significant breakout to record highs.
XRP price anticipates a 530% climb into double digits
XRP price has stabilized below $3.00 since February 1. Nevertheless, experts contend that it might experience a substantial recovery from the current standpoint if a breakout similar to the 2017 scenario occurs.
Crypto analyst Mikybull Crypto stated that price movement in the tri-weekly timeframe appears to adhere to a 2017 model where a breakout from a bullish pennant resulted in an over 1,300% ascent to all-time highs around $3.40.
“I have witnessed this scenario previously,” the analyst mentioned in a June 17 post on X, adding:
“2017 rally vibes are approaching.”
The altcoin’s price movements reflect a comparable setup in the weekly timeframe, as illustrated below.
A bullish pennant is a bullish continuation pattern that arises when the price makes a sharp upward movement (the flagpole), then pauses and consolidates within a small symmetrical triangle (the pennant).
Bull pennants typically resolve after the price breaks through the triangle’s resistance line and rises by as much as the height of the previous uptrend. This sets the upper target for price at $14, equating to a 530% rise from the current value.
These assessments align with previous forecasts for XRP reaching $27 based on chart fractals, Elliott wave analysis, and Fibonacci extensions. Others suggest price could surge by 1,100% to $25 if a spot XRP ETF receives approval in the United States.
XRP price must reclaim the 200-day SMA
XRP’s likelihood to ascend is part of a recovery initiated on April 10 and observed the relative strength index (RSI) improve to 52 at the time of writing from oversold levels at 29.
Bulls are concentrating on overcoming resistance at $2.27 — the 50-day simple moving average (SMA).
The optimistic outlook for the altcoin depends on transforming resistance between $2.37 (the 200-day SMA) and $2.65 into new support.
A close above this point will indicate another breakout over the 50-day SMA, paving the path for a return to $3.00 or the seven-year peak above $3.31.
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