XRP News Today: XRP Price Could Surge 530% Following 2017 Pattern

XRP traders and analysts are closely monitoring the cryptocurrency's price movements, with some predicting a significant rally if certain technical conditions are met. According to several analysts, XRP has the potential to surge by 530% to reach $14, mirroring a similar technical setup that occurred in 2017. This prediction is based on the formation of a bull pennant, a bullish continuation pattern that typically resolves with a breakout above the resistance line, leading to a price increase equivalent to the height of the previous uptrend.

The current price action of XRP has been consolidating between $2.05 and $2.40 over the past month, forming a bull pennant on the weekly time frame. This pattern is reminiscent of the 2017 price action, which preceded a massive breakout to all-time highs. Popular crypto analyst Mikybull Crypto noted that the three-week time frame price action of XRP follows a 2017 playbook, where a breakout from a bull pennant led to an over 1300% upward move to all-time highs around $3.40. The analyst's post on X highlighted the potential for a similar rally, stating, “I have seen this movie before. 2017 rally vibes coming up.”

For XRP to continue its uptrend, the XRP/USD pair needs to reclaim the 200-day simple moving average (SMA). Currently, XRP’s price has been trading below $3.00 since February 1, but analysts argue that a massive recovery is possible if it follows a similar breakout pattern as seen in 2017. The bullish case for XRP hinges on turning the resistance between $2.37 (the 200-day SMA) and $2.65 into new support. A close above this level would signal another escape break above the 50-day SMA, paving the way for a return to $3.00 or the seven-year high above $3.31.

The relative strength index (RSI) for XRP has been on a recovery trajectory since April 10, rising from oversold conditions at 29 to 52 at the time of writing. XRP bulls are focused on breaking the resistance at $2.27, which is the 50-day SMA. If XRP can reclaim the 200-day SMA and turn the resistance between $2.37 and $2.65 into support, it could launch a sustained recovery, potentially pushing the price above $3.00.

These analyses align with previous predictions of XRP reaching $27 based on chart fractals, Elliott wave analysis, and Fibonacci extensions. Other analysts believe that XRP could rally by 1,100% to $25 if a spot XRP ETF is approved in the United States. However, it is important to note that these are forecasts and not guaranteed outcomes. Investors should conduct their own research and consider the risks involved before making any investment decisions.