XRP is making a comeback, according to some analysts. Let’s dive into what they’re seeing.
A Bullish Outlook for XRP
One analyst, “The Signalyst” on TradingView, is very optimistic about XRP. They point to several factors supporting a bullish trend:
- Ascending Channel: XRP’s price is steadily climbing within an ascending channel, a classic sign of a positive trend. This means higher highs and higher lows are consistently being formed.
- Key Support Zone: The price is approaching a crucial support area. This zone has historically acted as a strong floor, preventing further price drops. The confluence of this horizontal support and the ascending channel’s lower boundary creates a powerful support area.
- Buy Signals:
The analyst highlights this area as a prime spot to look for buy signals, such as a double bottom pattern or a trendline break.
While bullish, The Signalyst is monitoring the price action closely, waiting for confirmation signals before jumping to conclusions.
Explosive Rally…Followed by a Crash?
Another analyst, JD on X (formerly Twitter), sees a different, albeit potentially exciting, scenario. They’ve noticed technical signals reminiscent of XRP’s 2017 rally.
- SRSI Indicator: The Stochastic Relative Strength Index (SRSI) has crossed the 80 level—a signal last seen before XRP’s massive 20X surge in 2017. This suggests a potential for a significant price increase.
However, JD warns that history might repeat itself, but not exactly. While they anticipate a powerful surge, they also predict a subsequent 70% price crash to new lows. This is because XRP’s market cap is significantly larger now than in 2017, making a 20X rally unlikely.