XRP, the native cryptocurrency of the XRP Ledger created by Ripple, could be gearing up for a major bull run if history repeats itself according to popular crypto analyst Cryptoinsightuk.
In today’s X (Twitter) post, Cryptoinsightuk pointed out the similarities between XRP’s current price chart and its chart from 2017-2021. He notes that the timings and resistance levels line up almost exactly between the two time periods.
Back in 2017, XRP surged from under $0.01 to over $3.50 in under a month as part of the crypto market mania. Cryptoinsightuk believes XRP could be positioned for a similar parabolic advance in the near future.
He estimates XRP’s first major resistance level at its all-time high around $3.50. After that, he sees potential for XRP to surge towards $9.15, followed by a pullback to $6.00 which would shake out weak hands. Finally, he suggests XRP may peak between $13-$15 before cooling off.
XRP is currently trading around $0.60, up a modest 8% over the past week. The technical setup appears bullish, with XRP forming an ascending triangle pattern which typically breaks out upwards. Momentum indicators like the MACD and RSI also point to an impending rally.
If XRP follows the script Cryptoinsightuk lays out, early holders could be handsomely rewarded in the coming weeks. However, crypto markets remain volatile and unpredictable. The parabolic advance described is far from guaranteed. Investors should exercise caution and only risk what they can afford to lose. One thing is clear though – the next few weeks promise to be an exciting time for XRP holders.
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