In a recent analysis, renowned crypto market analysts JD and The Crypto Sniper have presented intriguing charts that hint at a significant rally for XRP, Ripple’s associated cryptocurrency, drawing parallels to its notable surge in 2017.
XRP Symmetrical Triangle Patterns
JD, a crypto analyst, has identified a pattern in XRP’s historical price movements. He observed a symmetrical triangle shape in XRP’s chart from late 2013 to early 2017, followed by a massive surge in 2017.
During this period, XRP faced resistance after falling from its previous high in December 2013. This resulted in a symmetrical triangle formation, and XRP finally broke out in March 2017.
Despite a drop in January 2017, XRP experienced a remarkable surge shortly after the capitulation event. The breakout from the symmetrical triangle propelled XRP to soar by an astounding 66,100%, surging from a low of $0.005 in February 2017 to a peak of $3.31 in January 2018
Now, JD sees a similar pattern, suggesting that XRP might be gearing up for another substantial price increase, despite recent underperformance compared to Bitcoin.
MACD Indicator Signals Positive Momentum
JD highlights the significance of the MACD indicator, emphasizing its role in the 2017 breakout. A cross above 0 for the monthly MACD during that period coincided with the surge. The analyst anticipates a similar MACD cross to be a driving force behind the expected uptrend.
Crypto Analysts Clash Over XRP
Adding a twist to the narrative, the Crypto Sniper claims authorship of the analysis, creating a bit of controversy. Regardless, the consensus in their views reinforces the notion that XRP might be gearing up for a substantial rally.
Despite the positive projections, XRP is currently valued at $0.5307, reflecting a 1.28% dip in the last 24 hours. The cryptocurrency has experienced a 15% decline year-to-date, a contrast to Bitcoin’s marginal 0.68% downturn within the same period.
