XRP appears to have revisited a pattern noticed in May of 2017, with a looming propitious move.
XRP recently staged a massive rally that not only surprised the entire crypto community but pumped the asset above multiple resistance points. With this rally came a renewed interest in the asset, bullish sentiments surged, and trading volumes peaked.
XRP’s rally has sparked mixed reactions. Among the analysts rooting for the asset is pseudonymous pundit Egrag Crypto, who recently highlighted the similarity between XRP’s current price and its price in 2017.
Egrag pointed out the pattern through Twitter as he shared his analysis on an XRP monthly chart. According to him, his decision to use a monthly chart is influenced by the fact that technical analyses on monthly charts help to sieve out the noise and bring to attention the bigger picture.
Egrag’s analysis revealed that XRP is currently in a similar price position as it was in May of 2017. The current XRP price of $0.47 coincides with the value of the asset’s position in May of 2017. Egrag drew two trendlines – TL1 and TL2 – to drive home his ultimate point.
XRP managed to close above TL1 in May of 2017 before seeing a decline the next month. Its surge in May followed two bullish candlesticks from March and April, which propelled the asset’s rally. Notwithstanding, the rally met some resistance after May in 2017.
XRP spent five months in a bearish pattern before staging another breakout in November 2017. The rally engine then pumped XRP to its ATH of $3.84 in January 2018. Egrag believes the asset could follow a similar pattern if it closes above the TL1 this September.
“closing above the TL1 this Month is super #Bullish. Future Targets hitting Fib Channel 0.702 (moving Target)” he noted, implying a future resistance point of $0.702 for XRP as he sets a target at the spot.
#XRP Monthly Chart (MC):
Conducting TA on MC removes the noise from the chart.#XRP is exactly in a similar price position compared to May 2017.
Therefore, closing above the TL1 this Month is super #Bullish.
Future Targets hitting Fib Channel 0.702 (moving Target)
Enjoy pic.twitter.com/HjeHAORIW1
— EGRAG CRYPTO (@egragcrypto) September 27, 2022
790% Increase:
EGRAG shared another chart where he compared the XRP price to 2014, expecting a 790% pump.
#XRP Expecting 790% Pump:
In correlation with Nov 2014 Pump, the current fractural is Rhyming with it & it is ranging in preparation for the second Pump.
The second Pump if it keeps on Rhyming then 790% is plausible & possible. #XRPHolders #XRPArmy #XRPCommunity #XRPL pic.twitter.com/Xtm5XY8FAt
— EGRAG CRYPTO (@egragcrypto) September 27, 2022
Additionally, another analyst highlighted an appealing position for investors to place long positions on XRP comfortably. A close-up chart of the asset shows a downtrend from the asset’s peak at $0.54 on September 23.
Following the peak, XRP has so far seen a persistent decline, resulting in a downtrend despite a series of occasional gains. According to the analyst, investors can place long positions on XRP should the asset successfully break out of the recent downtrend. However, it is noteworthy that this is speculative and should not serve as financial advice.
LONG $XRP IF THIS BREAKS OUT. pic.twitter.com/thNQ2jrLTj
— Nishant Bhardwaj (@Nishant_Bliss) September 27, 2022
XRP currently trades at $0.475 as of press time, up 1.14% in the past 24 hours. Despite the fall from the $0.54 peak of September 23, the asset has held up quite well over $0.46, solidifying its station above the support. XRP has gained by 24.82% in the past week, making it the highest-gaining asset on the Top 100 list.
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Source: https://thecryptobasic.com/2022/09/27/xrp-price-position-similar-to-that-of-2017-790-rise-incoming/?utm_source=rss&utm_medium=rss&utm_campaign=xrp-price-position-similar-to-that-of-2017-790-rise-incoming