Triangle Formation That Sparked The 2017 XRP Rally Returns, What’s The Target?
27 Juni 2024 - 6:00AM
NEWSBTC
The XRP price is seeing another triangle formation on its chart
that could point to an impending rally. One important fact about
this triangle formation is the fact that it led to a significant
rally seven years ago, and if history repeats itself, then XRP may
be set for a bullish wave. XRP Triangle Formation Signals Bullish
Continuation In an analysis on TradingView, crypto analyst
TradingShot pointed out that the XRP price is seeing another
triangle formation. This formation comes from the culmination of a
number of indicators, all of which have become bullish during this
time. Related Reading: Analysts Battle Over Cardano’s Next Move:
12,000% Rally Or 50% Crash? The indicators pointed out by the
crypto analyst include the price closing below its 1W MA50 and 1W
MA200. While, at first glance, this could look bearish, it can be a
bit signal that propels the price up as investors start to get back
in at low prices. This is also made obvious by the 1W RSI dropping
to 40.00, as historically, this indicator at this level has always
presented a buying opportunity. Furthermore, the crypto analyst
points out that the XRP price is currently testing the bottom with
the higher lows trend line. All of these have come together to form
a triangle structure that has not been seen since 2013-2017. This
triangle structure is important given that the last time it
appeared in 2013 and eventually broke out in 2017, the XRP price
went on to rally to new all-time highs. Therefore, the appearance
of this triangle structure this time around could signal the start
of another bullish trend that pushes the altcoin’s price toward new
all-time highs as well. How Far Can The Price Go? In the scenario
where the XRP price does follow the 2013-2017 trend and a breakout
occurs, the crypto analyst does see the price reaching a new
all-time high. However, for this to happen and for the bullish
trend to be confirmed, the price will have to break above the 1W
MA200, as the analyst explains. Related Reading: Crypto Research
Firm Says Bitcoin Crash Below $60,000 May Not Be The End, Here’s
Why In such a case that the altcoin does break this important
level, TradingShot puts the price as high as $4.5. Such a move
would mean an over 800% increase in value from where the XRP price
is currently sitting at $0.47. However, as with any bullish
scenario, there is also the possibility that the trend fails to
actualize. In the event that the price does not break the 1W MA200,
the crypto analyst advises “that the XRP army will need a need
narrative to hang on to, as the long-term pattern would have failed
them.” Featured image created with Dall.E, chart from
Tradingview.com
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