Recently, Crypto Bull (@CryptoBull2020), a popular figure in the cryptocurrency space, drew attention to an interesting pattern in XRP’s price behavior.
According to him, XRP is currently following the same trajectory it experienced before its explosive growth of over 80,000% in 2017. The chart accompanying his analysis highlights several key technical indicators that suggest history might be repeating itself.
Triangle Pattern Formation
The chart presented by Crypto Bull indicates a triangle pattern, which often signals a potential breakout or breakdown. In technical analysis, triangle patterns are common in consolidation phases where an asset’s price moves within converging trendlines, forming a triangle shape.
The green lines on the chart represent the narrowing boundaries of the triangle, which are closing in on the current price of the digital asset. Historically, when such patterns converge to an apex, a significant price movement often follows. Notably, XRP formed the trendlines for the triangles when it broke above and below the support and resistance levels on the chart.
Support and Resistance Levels
In addition to the triangle pattern, Crypto Bull points out the long-term support and resistance levels that XRP has respected for several years. The red horizontal lines in the chart indicate these critical levels.
The upper red line marks resistance, which XRP has struggled to break through consistently, while the lower red line shows strong support, suggesting that XRP has a floor under its price, making it less likely to fall significantly lower.
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Historical Dips and Current Price Activity
The blue circles on the chart highlight instances where XRP briefly dipped below its long-term support, only to recover shortly after. These dips may have shaken investor confidence temporarily, but they did not disrupt the overall bullish structure of the market.
In both instances, the market soon returned to its upward trajectory, signaling that these dips were more likely false breakdowns rather than indicators of a prolonged bear market.
Crypto Bull’s chart shows that XRP has recently dipped below its support level again, similar to what occurred before the 2017 boom. He highlights this drop as a key indicator of an impending bullish reversal.
The argument here is that, just like in 2017, this could be one of the last drops before XRP enters a new bullish cycle and potentially reaches new highs. Notably, other analysts have also shared the likelihood of XRP repeating the 2017 rally.
At press time, XRP traded at $0.5307, showing a slight 0.59% increase over the past 24 hours. Crypto Bull did not provide a specific target, but a repeat of the 80,000% surge from 2017 will send it to an astonishing $425.
Disclaimer: This content is meant to inform and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not represent Times Tabloid’s opinion. Readers are urged to do in-depth research before making any investment decisions. Any action taken by the reader is strictly at their own risk. Times Tabloid is not responsible for any financial losses.
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