BCGAME - Free 5BTC Daily Bonus!- XRP Cryptocurrency could repeat 2017 high.
- Importance of the $0,6649 zone.
- Golden cross signals potential upside.
As XRP navigates a period of price consolidation, the token’s past experiences paint a picture of its near future. Crypto analyst Dark Defender has reignited optimism by drawing parallels between XRP’s current behavior and its memorable 2017 rally. According to him, XRP’s current chart patterns evoke a sense of déjà vu from that era.
Dark Defender points out that XRP has been fluctuating between $0,3917 and $0,6649, a narrow corridor that has persisted for an extended period. The latter level, $0,6649, above the weekly Ichimoku cloud, appears to be a turning point. Breaking this barrier could trigger a significant increase, potentially targeting ambitious targets.
Furthermore, the formation of a golden cross on the weekly Relative Strength Index (RSI) indicator is seen as a strong indication that the price could initiate a robust upward movement. If XRP manages to sustain its value above the aforementioned $0,6649, a significant breakout is expected.
“We are experiencing 2017 deja vu as we are weeks ahead of the XRP Bull Run. If a similar run is underway, $18,22, (NFA) the 361,80% Fibonacci level, should be the upper target level of Wave 3,” Dark Defender explained. This projected rise, taking XRP to trade around $18,00, would take its market cap to just over $1 trillion, positioning it as the second most valuable cryptocurrency behind only Bitcoin.
XRP price
The cryptocurrency XRP is currently trading at $0,5492, down 3% in the last 24 hours and up 15% in the month, and the market appears to be positioned for a correction.
Looking at the resistance and support zones. The main resistance levels for XRP are located at $0,62 and $0,75. Breaking these levels could be a sign of strong buying momentum, as breaking the $0,75 mark could pave the way for a test of the psychologically significant $1,00 zone. This would be a bullish scenario, indicating a possible acceleration in XRP’s appreciation if there is an increase in trading volume that supports this rally.
On the other hand, the market has also established support zones at $0,52 and $0,50, which are crucial to maintaining XRP’s stability against further decline. These levels represent points where buyers have historically entered the market, providing a solid base that prevents sharper declines. Holding these supports is essential; a break below $0,50 could signal a trend change and potentially lead to deeper losses.
