Gate News bot news, over the past month, the price of XRP has been fluctuating between $2.05 and $2.40, forming a bull run triangular flag consolidation on the weekly chart.
Since February 1, XRP has been consolidating below $3.00. However, analysts believe that if XRP breaks out like it did in 2017, its price could rebound significantly from current levels.
Analyst Mikybull Crypto stated that XRP's price movement over the past three weeks seems to follow the strategy from 2017, when XRP broke out from a bull flag pattern and increased by over 1,300%, reaching a historical high of around 3.40 USD.
He stated in his X post on June 17: "I have seen this situation before," and added: "The 2017 bullish pattern is about to arrive."
The bullish triangle flag pattern usually forms after the price breaks through the triangle resistance line and rises to the height of the previous uptrend. This sets the upper target price for XRP at $14, which is a 530% increase from the current price.
These analyses are consistent with previous predictions based on chart fractals, Elliott Wave analysis, and Fibonacci extensions, which suggest that XRP will reach 27 dollars. Others have stated that if the U.S. approves the XRP spot ETF, its price could surge by 1,100%, reaching 25 dollars.
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Analyst: If following the 2017 pattern, XRP will rise 530% to $14
Gate News bot news, over the past month, the price of XRP has been fluctuating between $2.05 and $2.40, forming a bull run triangular flag consolidation on the weekly chart.
Since February 1, XRP has been consolidating below $3.00. However, analysts believe that if XRP breaks out like it did in 2017, its price could rebound significantly from current levels.
Analyst Mikybull Crypto stated that XRP's price movement over the past three weeks seems to follow the strategy from 2017, when XRP broke out from a bull flag pattern and increased by over 1,300%, reaching a historical high of around 3.40 USD.
He stated in his X post on June 17: "I have seen this situation before," and added: "The 2017 bullish pattern is about to arrive."
The bullish triangle flag pattern usually forms after the price breaks through the triangle resistance line and rises to the height of the previous uptrend. This sets the upper target price for XRP at $14, which is a 530% increase from the current price.
These analyses are consistent with previous predictions based on chart fractals, Elliott Wave analysis, and Fibonacci extensions, which suggest that XRP will reach 27 dollars. Others have stated that if the U.S. approves the XRP spot ETF, its price could surge by 1,100%, reaching 25 dollars.
Source: Cointelegraph