Top Analyst Identifies Yearly Bullish Engulfing Pattern Targeting XRP at $17

• Since 2017, analysts have observed a recurring bullish engulfing XRP pattern
• Pattern previously delivered 33,066% gain in 2017 following formation.
• Current 13th yearly candle could replicate 800% rally seen in 2021.

EGRAG Crypto has identified a bullish engulfing candle pattern on XRP’s yearly chart that could signal an imminent rally despite current consolidation around $2. The analysis comes as XRP continues facing downward pressure after reaching a peak of $2.65 on May 12 and subsequently falling to the lower $2 range.

The analyst’s commentary focuses on what he considers market “noise” while highlighting bullish indicators across multiple timeframes. His latest analysis leverages the 12-month timeframe to identify patterns that have historically preceded major price movements.

According to EGRAG, XRP has consistently formed bullish engulfing candles since its fifth yearly candlestick in 2017. Two candlesticks make up a bullish engulfing pattern: a little red (bearish) candle that is completely encircled by a larger green (bullish) candle.

Usually, this formation signals a possible change in trend from downward to upward. The initial bullish engulfing pattern on XRP’s annual timescale, as depicted on EGRAG’s chart, had a tiny -0.68% red candle in 2016 and a huge +33,066% green candle in 2017.

Pattern persistence across timeframes

The analyst notes this pattern has continued throughout XRP’s history, repeating again for Candle 12 in 2024. He emphasizes that larger timeframes for such bullish signals carry greater potential impact, making an appearance on the yearly chart “bullish as hell.”

The consistency of this pattern across multiple yearly candles suggests a reliable technical formation that has preceded major price movements in XRP’s history. Each occurrence has been followed by substantial upward momentum, though the magnitude has varied.

EGRAG believes the current formation sets up the 13th XRP yearly candle for potentially impressive gains. This 13th candle corresponds to 2025, which already shows a 6.53% gain at current levels despite recent weakness.

To establish price targets for the projected growth, EGRAG referenced historical performance data. He specifically cited the surge from Candle 9 in 2021, which led to an 800% price increase during that cycle.

If XRP achieves a similar 800% increase from current levels around $2.10, the asset would reach approximately $17, marking a substantial gain for holders who maintain positions through the projected cycle.