XRP Is Forming a Chart Pattern That Last Led to a 1,500% Price Rally
XRP's weekly chart resembles a 2017 pattern preceding a 1,577% surge, but a breakout above $2 resistance is required.Summary
XRP's current weekly price chart is showing a fractal similarity to the 2017 cycle low, which preceded a massive 1,577% price surge. Analyst Javon suggests this pattern could lead to XRP moving well above $20 if it unfolds identically. However, for a sustained upward breakout, XRP bulls must push the price above the critical $1.78-$2.30 resistance zone, where the upper trendline of the symmetrical triangle, the 100-week SMA, and the 50-day SMA converge, with $2 being a significant hurdle due to supply clusters.
Further supporting a potential accumulation phase, data shows XRP supply on exchanges is declining to lows last seen in May 2021. This drop in exchange balances, evidenced by increased withdrawal transactions across major exchanges like Binance, suggests investors are moving XRP into external wallets, reflecting long-term confidence. Additionally, outflows from US-based spot XRP ETFs have eased, with Goldman Sachs becoming a major holder, signaling institutional interest.
(Source：Cointelegraph)