Historical technical patterns point to a massive surge. So, can XRP sustain the past gains in the next cycle?
XRP appears poised for a long-term rally based on historical chart patterns. Despite short-term price fluctuations and Ripple’s legal struggles that influence market sentiment, XRP bulls could be eyeing massive gains on the higher time frame.
What does XRP’s Technical Setup Reveal?
Looking at XRP’s 2-week chart, the coin appears to have faced three market cycles. The first cycle began in 2017 with XRP’s parabolic rally. The second cycle began in 2021, echoing the first one but in a moderate manner. As of June, the market could be anticipating the third and potentially XRP’s largest cycle yet.
Each of the previous cycles follows a similar pattern, beginning with a breakout phase where the price breaks out past a long-term key resistance zone. This is followed by a peak phase as the price tops out after a substantial rally. As of today, XRP’s setup signals a breakout phase of the third cycle.
According to renowned analyst, Egrag Crypto on X (formerly Twitter), July could see XRP “fly soo high”. XRP is trading at $2.18, a 1.19% surge in the past 24 hours despite a low trading volume at press time, per CoinMarketCap. Per the analyst, the primary target could be $13.20 before a short-term price exhaustion.XRP’s long-term bull rally could see $20.66 as the extended target.
The moving averages line has historically supported this technical setup. As XRP enters this critical zone, the market is watching for this potential 800% rally. Whale activity, buying volume, and fundamental news could be among the catalysts for this rally if history repeats.
Disclaimer: This article is for informational purposes only and does not constitute financial advice. CoinCryptoNewz is not responsible for any losses incurred. Readers should do their own research before making financial decisions.
