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Crypto analyst Jaydee recently highlighted a historical pattern that suggests that the XRP price could experience a parabolic move soon enough. If history is anything to go by, XRP is believed to have the potential to see a 4,000% surge when this pattern finally forms.
XRP Price Testing 10-Year Trendline
Jaydee revealed in an X (formerly Twitter) post that the XRP price was currently testing a 10-year trendline. This move is significant as the analyst noted that XRP saw a 39x and 650x increase in its price the last two times this trendline was tested. Specifically, the 650x increase came in 2017, which happened to be a notable year for XRP.
Several analysts have referred to 2017 in their XRP analysis, suggesting that 2024 could mirror it in some way. In fact, Jaydee had alluded to 2017 in one of his previous XRP analyses, where he noted that a symmetrical triangle that formed then had returned to the charts. He suggested that the bullish pattern could trigger another parabolic move like the one that occurred in 2017.
Meanwhile, Jaydee revealed in a more recent X post that he was stacking up on more XRP tokens despite the crypto token’s tepid price action. The analyst advised his followers to “stop timing the bottom” when they can just buy the consolidation phase. He further hinted that a move to the upside could be imminent, stating that the weekly RSI looks like a “hidden bullish divergence.”
A Buy Signal On The XRP Charts
Crypto analyst Ali Martinez stated in an X post that the TD Sequential indicator was signaling a buy on the XRP weekly chart. According to him, this indicator further suggests that the XRP price is “poised for an upswing lasting one to four weeks.” Interestingly, this coincides with crypto analyst Crypto Rover’s prediction that XRP could experience a “massive breakout” by March.
Then, Crypto Rover’s chart analysis hinted at XRP rising to as high as $1 when this move to the upside occurs. However, it remains uncertain whether or not XRP will be able to sustain that bullish momentum in a bid to fulfill crypto analyst Egarg Crypto’s prediction that XRP will rise to $5 by April.
Egrag mentioned that the $5 range would only mark the “initial wave 1 of a prolonged bull market.” The analyst has also stated on different occasions that XRP could rise to as high as $27 in the next bull run.
At the time of writing, the XRP price is trading at around $0.5, down in the last 24 hours, according to data from CoinMarketCap.
XRP bears reclaim control | Source: XRPUSD on Tradingview.com
Featured image from Coinpedia, chart from Tradingview.com
Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.
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