Key Points:
Analysts predict that XRP could achieve a 530% increase, with a target price of $14.
The XRP/USD trading pair needs to reclaim the 200-day moving average (SMA) to maintain an upward trend.
Over the past month, XRP's price has been oscillating between $2.05 and $2.40, forming a bullish flag consolidation pattern on the weekly timeframe.
Several market analysts indicate that the current technical formation is very similar to the price movements before the historical high in 2017.
Since February 1, XRP's price has been consolidating below $3.00. However, analysts believe that if the cryptocurrency replicates the breakout pattern of 2017, its price could significantly rebound from current levels.
Renowned cryptocurrency analyst Mikybull Crypto points out that XRP's price performance over the three-week timeframe seems to replicate the 2017 trend, when a breakout from a bullish flag led to an increase of over 1300%, ultimately reaching a historical high of about $3.40.
Mikybull Crypto stated in a post on June 17 on X platform: "I've seen this before," adding, "The bullish atmosphere of 2017 is about to reappear."
As shown in the figure below, this altcoin also exhibits a similar pattern on the weekly timeframe.
A bullish flag is a bullish continuation pattern that forms when the price first rises sharply (the flagpole part), then pauses and consolidates in a small symmetrical triangle (the flag part).
The bullish flag typically completes when the price breaks above the triangle's resistance line, with the upward movement potentially reaching the height of the previous upward trend. This sets the upper target for XRP's price at $14, representing a 530% increase from the current price.
These analyses align with previous predictions based on chart fractals, Elliott Wave Theory, and Fibonacci extensions forecasting XRP to reach $27. There are also views suggesting that if the U.S. approves an XRP spot ETF, the price could rise by 1,100% to $25.
XRP's upward potential is part of the recovery trend that began on April 10, when the Relative Strength Index (RSI) climbed from the oversold area of 29 to a level of 52 at the time of writing.
XRP bullish traders are currently focusing on breaking the resistance level of $2.27, which is the 50-day simple moving average (SMA).
The bullish outlook for this altcoin hinges on whether it can convert the resistance range between $2.37 (200-day SMA) and $2.65 into new support.
If the price can close above this level, it would indicate a further breakout above the 50-day SMA, paving the way for a return to $3.00 or a seven-year high above $3.31.
Cointelegraph reports that if the resistance level of $2.65 is broken, it could initiate a sustained upward trend, making it likely for XRP's price to surpass the $3.00 mark.
Related: Cathie Wood's ARK fund sells $52 million worth of Circle shares
This article does not contain any investment advice or recommendations. Any investment and trading activities involve risks, and readers should conduct their own research before making decisions.
Original article: “Analyst: If Certain Conditions Are Met, XRP Price May Break Through 530% to $14”
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