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XRP started with May With a turbulent price promotion Between the lower and upper ends of $ 2,195 and $ 2.25 in the last three days respectively. Although XRP has spent most of the past two months correcting the peak price of $ 3.3 in January, the 2 -month candlestick shows a strong green body, a sign that bulls are still under control in the higher timetables despite the fluctuations at the lower time frames.
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Interesting is that a accurate signal that has not appeared since the Historische 2017 meeting of XRP has returned, and the same trigger that led to the 20x -Persal Explosion has just returned that year.
Technical pattern shows a clear breakout structure on the period of 2 months
Technical analysis of the price action of XRP on the 2-month candlestick Time Frame graph shows that the cryptocurrency is still trading in a bullish setup in a larger time frame. This analysis, Shared by Crypto analyst JD on social media platform X, XRP shows that breaks out of a long -term triangular pattern, which has held its price in consolidation since the peak of 2018.
The structure formed by this triangle Including a flat resistance Trendline at the top and a gradually rising trendline at the bottom. The price performance of XRP at the end of 2024 saw the breaking above the upper resistance trend line, just like in a similar arrangement in the first few months of 2017.
The XRP price in particular broke above this trendline with conviction, allowing it to reach a multi-year highlight of $ 3.3. However, the subsequent price promotion has been corrections with corrections, whereby XRP is now being traded near the price level of $ 2.
Notwithstanding the appearance of a bullish cross on the RSI means a Bullish Setup is still in actionWith crypto analyst JD who emphasizes a potential 20x increase.
Stochastic RSI cross above 80: The same spark from 2017
The appearance of a cross on the stochastic RSI above the 80 -level makes the current bullish setup convincing. JD pointed out that the last time this crossover took place was in 2017, just before XRP achieved a 20x win within three months.
His graph illustrates this visually and shows a yellow highlight at the intersection of the SRSI lines during that historical outbreak. The same cross is now confirmed on the graph of 2 months.
The SRSI cross will occur when the %K line above or below the %D line crosses within the stochastic RSI indicator. In the case of XRP, the bullish signal from the cross is examined above the 80 threshold on the 2-month graph. The last time this happened in 2017, XRP went to a meeting about four months of approximately $ 0.15 until it reached its current highest height of $ 3.40.
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If a similar scenario were to unfold, this would place the goal about $ 45. This may seem unrealistic, Given the intake Needed to reach this level. Nevertheless, a meeting of the recent SRSI-Kruis could send the XRP prize to the new of all time.
At the time of writing, XRP acts at $ 2.2.
Featured image of Unsplash, graph of TradingView
Credit : www.newsbtc.com
