Traders who pay particular notice to XRP cite the potential of the token achieving $14 if the current momentum is to continue going upwards within the short term. Analysts anticipate XRP’s current chart setup to resemble very much that experienced at its all-time high at the end of 2017. In that year, XRP moved from just above $0.30 to a high above $3.30, generating crypto’s largest-ever spike. Analysts anticipate seeing a repeating bullish continuation setup manifest in today’s market setup.
XRP has been trading within a very narrow range of $2.05 to $2.40, consolidating since a swift spike earlier this year. This consolidative pattern now appears to be charting out what most would characterize as a bull pennant, a shape classically associated with a massive breakout to the upside. Such a formation involves a swift initial rush to a subsequent period of horizontal movement with crossing trendlines that form a triangle shape that attracts buying pressure.
XRP ETF approval could boost the price
Experts noted that XRP needs to recapture the 200-day simple moving average, now at $2.37, to resume its bullish course. Traders are also closely monitoring the 50-day SMA resistance line at $2.27, which has been capping price increases over the past few weeks. A definitive breakout above both these levels would potentially allow a rapid price increase to first aim at the $3.00 region before advancing further.
Crypto analyst Mikybull Crypto is comparing the current XRP price action to its late 2017 breakout that surged the token more than 1,300 percent higher. Contemporary predictions have a 530 percent target should the token manage a successful bull pennant breakout. That would put XRP at just shy of $14, pending supportive market conditions and steady volume.
The relative strength index of XRP has also rallied to 52 compared to last April’s oversold region of 29. Such a transition is indicative of a renewed bullishness with breakout speculations. Some market analysts also expect XRP to increase to $25 if a spot ETF were to secure regulatory approval. Such a higher target, however, remains vulnerable to outside factors apart from technical chart patterns per se.
