Will XRP Price Explode 1500% If It Repeats 2017’s Rally?
Highlights
- XRP price follows historical support patterns, hinting at a potential massive breakout.
- ETF speculation boosts investor sentiment, increasing institutional interest in XRP.
- Key resistance at $3.50 must be broken for further upside.
The recent pullback in XRP price comes after a strong uptrend to a multi-year high of $3.40. This upswing is on a hiatus as Ripple crashed nearly 25% from this peak, showing profit-taking and increased volatility, and currently trades at $2.5. Analysts showcase that the ongoing price action of XRP mirrors that of 2017 and predict that it could surge 1,500% if history rhymes. Will it?
Can XRP Price Shoot 1500% Repeating 2017’s Historical Rally?
XRP price action draws attention as analysts point to historical patterns hinting at a potential 1,500% rally. A key technical indicator, the bull market support band, suggests the cryptocurrency could be setting up for a breakout similar to its explosive run in 2017.
According to market analysts, XRP recently touched a critical support zone known as the purple foundation while maintaining a position above the BMSB. This setup mirrored the 2017 cycle when XRP dipped to this level before surging 1,500% in just four weeks, reaching Fibonacci 1.618.
At the time, XRP was trading around $3.40 before revisiting the BMSB. The historical move saw an extraordinary breakout that propelled prices to record highs. Analysts now speculate that if the current trend replicates the past cycle, XRP could experience a similar trajectory.
Currently, the measurement for this potential rally starts at $1.71. If history repeats, the price could skyrocket toward the $27 mark, aligning with Fibonacci 1.618. While technical patterns offer compelling insights, traders remain cautious as market conditions and external factors also play a crucial role in price movements.
XRP Spot ETF Speculation Picks Up
The Ripple price may surge as speculation intensifies over a potential spot XRP ETF. The probability of approval remains high, fueling institutional interest in the asset. Previous spot ETFs for Bitcoin and Ethereum have strengthened investor confidence in cryptocurrencies, paving the way for XRP.
If the SEC grants approval, XRP’s valuation could rise significantly. Over the past year, the cryptocurrency has surged 350%, attracting retail and institutional investors. Additionally, if Bitcoin rallies past $100,000 in a bullish market, XRP could experience further gains.
Can Ripple Price Recover to $3 Soon?
As of Thursday, the price of XRP is trading at $2.28, marking a 1.20% decline in the past 24 hours. The Ripple faces resistance at $3.00 and $3.50, while support is observed at $2.00 and $1.50.
The Relative Strength Index (RSI) is 35, indicating that XRP is nearing oversold territory. Chaikin Money Flow (CMF) stands at 0.05, suggesting weak capital inflows. If XRP fails to hold above $2.00, it could test the next support level at $1.50.
If bullish momentum builds, a push above $2.50 could lead to a rally toward $3.00. However, breaking this resistance may lead the XRP price prediction to $3.5, nearing ATH.
To sum up, If XRP price mirrors its 2017 rally, a 1,500% surge remains possible. However, market conditions and external factors will determine its actual trajectory. Investors watch key resistance and support levels closely.
Frequently Asked Questions (FAQs)
1. Can XRP price surge 1,500% like in 2017?
2. What key level must XRP break for a major rally?
3. What is driving speculation on an XRP price explosion?
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