Ripple (XRP) Price Position Similar to 2017’s; Upcoming 790% Rise?

2022/10/07By: C, Fiona

 

With a likely profitable move, XRP looks to have returned a trend first spotted in May 2017.

 

A recent huge rally by XRP shocked the whole crypto world and propelled the currency above a number of resistance areas. With the rally came a surge in bullish emotion, increased interest in the asset, and a peak in trading volume.

The surge for XRP has drawn a range of responses. Egrag Crypto, a pseudonymous analyst who recently emphasized the resemblance between XRP’s present price and its pricing in 2017, is one of the analysts who supports the asset.

Egrag presented his research of an XRP monthly chart on Twitter and identified the pattern there. He claims that the fact that technical analysis on monthly charts serve to filter out the noise and draw attention to the greater picture affected his choice to utilize a monthly chart.

According to Egrag’s analysis, the price of XRP is roughly where it was in May of 2017. The position value of the asset in May 2017 is reflected in the current price of $0.47 for XRP. To emphasize his main point, Egrag drew two trendlines, TL1 and TL2.

In May of 2017, XRP was able to close above TL1, but the following month saw a decrease. Following two bullish candlesticks from March and April, which fueled the asset’s gain, it surged in May. Despite this, following May of 2017, there was considerable pushback to the rally.

After being in a bearish pattern for five months, XRP made another breakout in November 2017. In January 2018, the rally engine pushed XRP to its all-time high of $3.84. If the asset closes above the TL1 this September, Egrag thinks it might exhibit a similar pattern.

Closing over the TL1 this Month is quite bullish. Future Targets hitting Fib Channel 0.702 (moving Target),” he said, meaning that $0.702 will be a future XRP resistance level as he sets a target there.

790% Growth

 

EGRAG published a second chart in which he compared the XRP price to 2014 and projected a 790% increase.

Another analyst also emphasized a compelling position that would allow investors to comfortably hold long holdings in XRP. The asset’s close-up chart reveals a downward trend from its top on September 23 at $0.54.

Even though there have been numerous sporadic increases after the high, XRP has so far experienced a steady decrease that has caused a downtrend. Investors may open long positions in XRP, the expert says, should the asset successfully retrace its recent decline. Notably, this is speculative and should not be taken as financial advice because it is so.

As of the time of publication, XRP is up 1.14% over the last 24 hours and is trading at $0.475. The asset has maintained its position above the support very well at $0.46 despite the decline from the $0.54 peak of September 23. The asset with the largest weekly gain on the Top 100 list is XRP, which increased by 24.82%.

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