Key takeaways:
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Cryptocurrency analysts suggest XRP could rally up to 530%, targeting a price near $14.
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Technical experts indicate a resurgence in price above the 200-day simple moving average (SMA) is critical for sustaining any upward trend.
XRP’s price action has recently oscillated within a range of roughly $2.05 to $2.40, forming a bull pennant chart pattern across weekly time frames.
Several trading analysts are highlighting parallels between the current market setup and a previous breakout phase in 2017.
XRP price eyes a 530% rally into double-digits
Following a consolidation period since early February, XRP remains volatile but signals a recovery from recent lows. Analyst opinions suggest the potential exists for a substantial price increase if current technical cues repeat patterns seen before major peaks.
According to crypto analyst Mikybull Crypto, XRP’s recent price dynamics following a bull pennant resemble a 2017 market scenario.
Mikybull Crypto commented in a post dated June 17 on the platform previously known as Twitter:
“2017 rally vibes coming up.”
A bull pennant formed when XRP initially experienced a sharp rise, followed by a brief pause and consolidation in a tight, symmetrical triangle pattern. This indicates a short-term pause in a significant upward trend.
Rally targets reaching $14 — implying a potential 530% ascent from current levels — are suggested by strategists based on the typical bullish outcome for bull pennant patterns.
XRP needs to reclaim key resistance level
The potential bullish reversal is contingent on XRP regaining its footing above critical resistance.
Technical analysis highlights that a decisive close above the $2.37-2.65 zone, encompassing the 200-day SMA and the 50-day SMA respectively, is considered vital by bulls. This would be required to validate the beginning of a longer-term surge and potentially open doors towards XRP’s historical $3.31 peak.
Presently, signals of a strengthening recovery are noted, with the Relative Strength Index (RSI) indicating merch has moved out of severely oversold territory. Price is already exhibiting a push above crucial short-term moving averages earlier this month.
To reach the previously mentioned $14 aspiration from current levels, overcoming the current $2.37 (200-day SMA) resistance is non-negotiable.
This article does not contain investment advice. Trading and investing in cryptocurrencies involve high risk.
