XRP Price Breakthrough That Triggered 20x Surge in 2017 has Reappeared
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XRP has commenced May with fluctuating price movements between the lower and upper bounds of $2.195 and $2.25 over the past three days. Despite spending most of the previous couple of months correcting from its peak $3.3 in January, the two-month candlestick indicates a solid green body, suggesting that bullish trends remain intact on higher timeframes, even amidst short-term volatility.
Additional Insights
Notably, a specific signal that has not appeared since XRP’s remarkable 2017 surge has resurfaced, indicating the same catalyst that triggered its 20-fold price increase that year.
Technical Structure Indicates Clear Breakout on 2-Month Chart
Analysis of XRP’s price movements on the two-month candlestick chart suggests that the cryptocurrency is still in a positive position on a larger timeframe. This evaluation, revealed by crypto expert JD on social media, illustrates XRP emerging from a prolonged triangular formation that has confined its price since the peak in 2018.
The triangle’s structure is characterized by a flat upper resistance line above and a steadily ascending trendline below. XRP’s late 2024 performance saw it breach the upper resistance line, reminiscent of a similar scenario in early 2017.
Importantly, XRP’s price convincingly exceeded this trendline, facilitating a multi-year high of $3.3. Yet, subsequent price movements have been marked by ongoing corrections, with XRP currently hovering around the $2 range.
Despite this, the emergence of a bullish cross on the RSI indicates that a positive setup remains in play, with analyst JD proposing a potential 20-fold surge.
Stochastic RSI Cross Above 80: Echo of 2017
The appearance of a crossover on the Stochastic RSI above the 80 mark lends additional credibility to the current bullish scenario. JD noted that the previous occurrence of this crossover was in 2017, just before XRP experienced a remarkable 20-fold rise in three months.
The accompanying chart visually demonstrates this, highlighting the crossover point of the SRSI lines during that significant breakout. A similar cross has now been confirmed on the two-month chart.
The SRSI cross is noted when the %K line intersects the %D line within the Stochastic RSI framework. For XRP, this bullish crossover signal occurs above the 80 threshold on the two-month chart. The last time this transpired in 2017, XRP rallied from approximately $0.15 to its previous all-time peak of $3.40 over four months.
Additional Insights
Should a similar pattern emerge again, targets could reach around $45. While this might appear far-fetched, the inflows required to achieve this milestone must be considered. Regardless, a surge triggered by the recent SRSI crossover could propel XRP’s price to new historical highs.
Currently, XRP trades at $2.2.
Image featured from Unsplash, chart from TradingView
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