Is XRP Price Repeating History? Potential 2017-Style Surge Could Drive Price to $10

Crypto expert ArShevelev has suggested that the XRP price might follow a familiar pattern from the past. He proposed that, should history repeat, the altcoin could see a surge reminiscent of 2017, potentially reaching double digits.

XRP Price Might Hit $10 If Patterns Resurface

In a post on TradingView, ArShevelev posited that XRP could rise to $10 if historical trends hold true. He noted that the current behavior of XRP’s price reflects “déjà vu,” aligning closely with trends observed from 2014 to 2018. The analyst pointed out that XRP’s breakout from its prior all-time high in 2017 resulted in significant gains.

Additional Insights

A comparable scenario appears to be developing for XRP, albeit with some differences. According to ArShevelev, XRP currently faces challenges in overcoming the resistance level set at the 2018 all-time high of approximately $3.31, which he likens to the consolidation phase before the breakout seen in 2017. He emphasized that such consolidation has historically led to upward movement, indicating the possibility of a similar outcome.

He asserted that a breakout could initiate a rapid price increase, targeting even higher values. However, he cautioned that the existing resistance presents a significant challenge, indicating that XRP may retreat to lower support levels if it fails to break through. ArShevelev also mentioned crucial price points to monitor.

He identified $3.31 as a primary resistance level, while $1.643 serves as a key support level. A breakdown could lead to a decline toward last year’s lows at $0.650. The analyst shared that he is not entirely convinced by this setup, yet finds it compelling. He noted that this might be a pivotal moment for XRP.

The Altcoin Must Escape Its Present Range

Analyst Ali Martinez has recently emphasized the necessity for XRP to escape its current trading range. He mentioned in a post that significant resistance and support levels are located at $2 and $2.26. A definitive closing beyond this range could influence the direction of the next major price movement.

Further Observations

Martinez seems to project a downward trend for the altcoin in the short term. He elaborated in another post that XRP may be set for a pullback, indicating that the TD Sequential indicator is showing a sell signal on the three-day chart.

Another analyst, CasiTrades, has also acknowledged the potential for a correction in XRP’s price. However, she believes that the altcoin could rebound from vital support levels, reclaiming new highs, as momentum appears to be building. She noted that the Relative Strength Index is indicating selling fatigue on lower timeframes, and that the price movements are beginning to compress, often suggesting an imminent significant shift.

Currently, XRP is trading at approximately $2.17, reflecting an increase of nearly 2% in the past 24 hours, based on information from CoinMarketCap.

Featured image from Getty Images, chart from TradingView