Home » Journal » Ripple Bulls Gear Up for Massive Profit as Price Action that Triggered Major XRP Rallies Shows Up Again

Journal

Ripple Bulls Gear Up for Massive Profit as Price Action that Triggered Major XRP Rallies Shows Up Again

Temitope Olatunji

March 1, 2024

Notable crypto trader JD (@jaydee_757) recently highlighted an extremely bullish pattern developing in the XRP chart. He points out that the last two times XRP price action met certain monthly criteria, massive rallies ensued.

Specifically, JD notes that when two key things happen:

1. XRP bounces off a critical multi-year trendline
2. XRP forms a monthly “Engulfing Candle” close

…explosive upside has followed.

Past Precedents Point to Potential Parabolic Moves

Looking back, JD shows the first occurrence was in January 2014. After closing the month with an Engulfing Candle following a trendline bounce, XRP staged a vertical rally lasting 5 straight months.

The next instance was in December 2017. Under similar conditions, a 2-month parabolic advance culminated in a 6-month consolidation phase building a launchpad for the climactic bull run into late 2017.

Current Technical Alignment Looks to Repeat the Past

Fast forward to present day, March 2024. JD cautions that XRP monthly price action has once again exhibited those exact conditions:

1. A bounce off the pivotal multi-year trendline
2. A monthly Engulfing Candle close

Moreover, XRP appears poised to break out from a bullish triangle consolidation pattern.

With the technical alignment mirroring past instances that brought fireworks, XRP bulls have reason to believe history may soon rhyme again with another massive rally. The stage could be set for substantial profits if XRP maintains its trendline bounce and confirms the triangle breakout.

You may also be interested in:

• Ripple’s XRP Token on the Verge: Top Expert Predicts Bullish Momentum – Pay Attention to These Metrics
• Bitcoin’s (BTC) Rally Ushers in the Altcoin Era: Ethereum (ETH), Solana (SOL), and More Set to Soar – Experts Highlight These Key Metrics
• Market skepticism within Chainlink (LINK) sees more Litecoin (LTC) holders rushing into Pushd (PUSHD) presale

We recommend eToro

Don’t invest unless you’re prepared to lose all the money you invest. This is a high-risk investment and you should not expect to be protected if something goes wrong. Take 2 mins to learn more

Visit eToro Now

Active user community and social features like news feeds, chats for specific coins available for trading.
Wide range of assets: cryptocurrencies alongside other investment products such as stocks and ETFs.
Copy trading: allows users to copy the trades of leading traders, for free.
User-friendly: eToro’s web-based platform and mobile app are user-friendly and easy to navigate.